The Sun.
London, England, 1854-03-08 00:00:00

THE SUN, _LONDON, WEDNESDAY EVENING, MARCH 8, 1864.

hers voting " in ignorance, not only of the merits
-04tittqic; but of the very name and purport of
the bill which they were helping to carry or
throw out," and that "it follows that there is

no real security either for a good bill being al-
lowed to go to committee, or for a bad one being
stopped !"

This grievance, for it is a grievance, and of no
ordinary magnitude, requires immediate attention.
Lord STANLEY, who has so ably called attention
to the nuisance, does not attempt to point out
the precise remedy. He has, however, offered
suggestions calculated to mitigate the evil. We
therefore trust that lie will finish the good work
he has commenced, and inflict a fatal blow on the
abominable system of jobbery which he has so
clearly and unsparingly exposed.

MO. Y MARKE

AND
COMMERCL4L INTELLIGENCE.

CITY, TWO O'CLOCK,

Our attention has been directed to the recent
report of the East Indian Railway Company, by
which it appears—

" That the deposit of 21. per share has been paid upon
only 72,635 shares, out of 400,000 shares of the New
Extension capital—thus leaving nearly 5-6ths of the
extension capital repudiated.
"A project, with a subscribed capital of 8,000,0001.
or 10,000,0001., may be at once safe and profitable, but
very much the reverse with the capital diminished to
2,000,0001. or 3,000,000/. It may be asked whether
it is in the power of the directors to proceed to construct
a mutilated portion of the line, should five-sixths of the
shareholders decline to pay the call or sign the deed.
" Should the directors proceed with a portion of the
scheme, what will be the position of those shareholders
who may pay up in fall ?
" The terms of the contract not having been complied
with, the payment of the interest will of necessity be at
the option of the authorities. The danger lies in attempt-
ing to construct a work requiring 8,000,0001. with
1,500,0001. The whole arrangement appears to require
revision. Without the requisite capital being either
paid'or subscribed fOr, there will be no safety to the
shareholders or assurance given to the authorities that
the contract can be carried out. Calling upon the limited
number of bona fide investors to pay up in full is nothing
more or less than disheartening, and inconveniencing
the willing."
The official particulars of the new Australian
loan are now given, and correspond generally with
what we stated yesterday. Thu amount is
5,000,000/., upon the basis of a lottery scheme, and
the subscriptions will be open at Vienna from the
7th to the 17th inst. The funds will bear 4 per
cent. interest, redeemable by annuities at 11 per
cent. The entire calls will be made within a year,
in ten or twelve instalments.

. -
The Foreign Exchanges were quoted yesterday
afternoon at a slight decline on the principal cities.
Paris, 90 days, brought 25 25 to 27i- ; Amster-
dam, 11 14i to 154 ; Hamburgh, 13 3f to ai ; and
Trieste, 13 20 to 25.
The amount of bills drawn on the various pre-
sidencies by the Honourable East India Company
during the fiirtnight ending yesterday was 47,5561.
The English Funds opened rather heavily,
Consols bein,l' 91i to g, and they have since gone
worse, being-904. to 91. This is occasioned by a
rumour of the defeat of the Turks at Kalafat, but
there is doubt attached to it, otherwise the decline
would have been greater. The Now 31 per Cents.
have realised 92A- to 1. Bank Stock has been firm
at 220 to 221. Exchequer Bills realised 15s to 17s
premium. There is very little speculation, and
much anxiety prevails for the receipt of later
news.

Foreign Securities have been comparatively quiet.
Mexican Bonds have receded to 24,1. The Com-
mittee have received advices that the import duties
in Vera Cruz for December were estimated at
163,000. dollars, one-fourth being assigned .to the
interest on the Foreign Debt. Grenada Deferred
Bonds have been quoted 61, and Equador 3. Aus•
trian 5 per Cents, are worth 76. Portuguese 3 per
Cents, have been done at 31. Spanish 3 per Cents.
have declined to 361 1. Sardinian Bonds are as
low as 78 to 791. Dutch 4 per Cents. have realised
851 to 1.

The current prices for the Jamaica mines not
Officially quoted are as follow :--Metcalfe, -1- dis-
count to premium ; Sue River, discount to
par ; Port Royal, to premium.
The English Railway market has been about
per cent. lower all through, since the decline in
Consols, and with a very limited business doing.
French shares are much the same.
The Gold Mine shares have been inactive.
Joint Stock Banks are nominally firm, and the
Land Companies' also.

BRITISH FUNDS THIS DAY.—CLOSING PRICES,
(From the Olicial List.)

Business done.
Bank Stock ....... ...... .... ..... ..... ......... 220 1
per Cent. Reduced Annuities
.. shut 91
3 per Cent, Console Annuities
New :li per Cent. Annuities - 92 i I i i
New 5 per Cent. Annuities ll4
Long Annuities, Expire sth Jan., 1860 -16 3-1 G
Ditto 30 Years, Expire sth Jan., 1860 4 15-16
India Bonds, 4:1000 . ..... ......... .......
Ditto, under £lOOO 4 p
Consols for Account 16th Muck 9IA 4 90i 1 DO,
Exchequer Bills, 141.
£lOOO
2500 ..
Small_

17 15
12 17
17

PRICE OF FOREIGN FUNDS THIS DAY.
Austrian Bonds, 5 per 76
Equaclor Bonds
Grenada Bonds, Deferred
Mexican 3 per Cent.
Peruvian Bonds, 41 per Cont. . 631
Portuguese Bonds, 3 per Cent 3l
Russian Bonds, 1822,.5 per Cent, £ St
Ditto 4A per Cent B3
Sardinian Bonds, 5 per Cent 791 8
Spanish Bonds; 3 per Cent 36A 1 6
Spanish New Deferred, 3 per Cent. l7l-
Dividends on the above payable in London.
Dutch Exchange, 21 per Cont. 12 Guil
Ditto 4 per Cent. Certificates ..

THREE O'CLOCK.
Consols 9O 1
Ditto March Account 9os 1

VIENNA.—The accounts from Vienna yesterday show
little alteration, but the tendency, after the slight rally re-
ported on Monday, is again towards increased distrust.
The following statement regarding the conditions of the
new lottery loan of 5,000,000/., the subscription-books
of which were opened yesterday, has just been re-
ceived :
"Subscriptions for a new Austrian loan will bo opened
in Vienna from the 7th to the 17th of March next.
" 1. The amount of the loan will be limited to 50,000,000
of guilders, Bank value.
2. Tho bonds will bo given out in amounts of 250 f.,
bearing 4 par cent. interest, payable yearly.
" 3.The loan will be redeemed by annuities at per
cent.—viz., 750,000 f. in 50 years, and there will bo every
year two drawings with the following payments :
During the first 5 years from 300 f. to 200,000 f.
• . second 5 300 f. ... 170,(114Y.
third 5 ▪ 300 f. ... 140,090 f.
• fourth 5 •• 300 f. ... 110,000 f.
fifth 5 • 300 f. ... 100,000 f.
and so on with proportional winning prizes.
"4. The subscription will be opened only at Vienna.
The price at which the loan will be effected is not yet fixed,
but it is expected not to be higher than 90 per cent.
" 5. The entire calls will be made within a year, in 10 or
12 instalments, and at the time of subscription 10 per cent.
cash must be paid down.
" No commission will be allowed.
" Vienna, March 1, 1854."

THE NEW FRENCH LOAN.—It appears that the new
French loan is to be for 10,000,0001. sterling, and that
the resort to it has ab length been pronounced by the
Government to be indispensable. Whether the con-
tract will take place by public tender or by private nego-
tiation remains, however, undetermined. Some remark
has been excited by the singular fact, that while the
French Finance Minister was announcing this loan as a
consequence of the impending war, " the burden of
which properly belongs to the future," the English Chan-
cellor of the Exchequer was proposing an increased in-
come tax, on the ground that it was not right to throw
these liabilities on to a distant period. It is felt, however,
that the true course may lie between the two extremes, and
that every requirement would be satisfied in such cases
if by raising money in the shape of annuities for 20 or
30 years the extinction of the encumbrance were rendered
certain within the present generation. The disturbance
of war, it is urged, is sufficiently exceptional to be treated
financially; like any other convulsion, to which a liabi-
lity at all times exists, but which had best be provided
for by spreading its cost as an average over a definite
period. Ey this means, while a great relief is secured
for the moment, a far higher advantage is gained for the
succeeding years than that of saving them from the
pressure of an additional 20 or 30 millions of debt, since
it enables continued advances to be made in the task of
setting commerce free, so as to give it a buoyancy that
shall make such an item of no importance.
PENNY RECEIPT STAMPS.—Among the statements of
the Chancellor of the Exchequer last evening, none has
given greater satisfaction than that with regard to the
results of the introduction of penny receipt stamps. In-
stead of a gross loss, as estimated, at the rate of 74,000/.
per annum, there is an actual increase at the rate of
72,0001., and a salutary example is thus afforded of the
worthlessness of the routine answer given by previous
Chancellors of the Exchequer to the representations made
year after yeariu favour of the change—viz., that it was not a
time for the country to sacrifice any portion of its revenue.
It may be hoped that the success of the measure in its
partial shape will ultimately lead to its being rendered
coherent by its extension to bankers' cheques. The nuns
her of banks and their branches in the united kingdom
is about 1,750, and, assuming their average of cheques to
be 100,000 (in some cases it is a million.), an additional
total would be obtained (after making full allowance for
those oases in which receipts are already given for pay-
ments by cheque) oknt least 650,0001.

- ---•
The sales of cotton at Liverpool yesterday
were estimated at 4,000 bales, all to the trade.
The market was tame, with but little alteration in
prices. • The sales comprised 3,000 American, 9J
Pernam and Maranham at 60. to 6gd., 140 Bahia
at 6id. to 7d., 250 Egyptian at 6d. to Sid., and
500 Surat at 3d. to 4kd. per lb. Railway Shares
were very dull.

Accounts from New York state that the sudden
activity which had taken place in Stocks was sub-
'siding at the latest date. Shipments of breadstuffs
continued active, and formed the greater part of
the total exports. The value of merchandise ex-
ported during the week to the 18th ult., including
specie, was 1,380,490 dols. Freights were firm.
The Canadian advises notice a gradual rise in
flour. The total amount of revenue collected in
New Brunswick last year was 184,7271., of which
141,3711. were collected at St. John's. There was
a general increase of business at all the ports in the
province.

vr'btrri) Y

DONCASTER RACES.

(THIS DAY.)

Alpnso

(BY ELECTRIC TELEGRAP.TI.)
DONCASTER HANDICAP.

Catharine Parr
King of Trumps

Ptolemy ....
Gamekeeper

Sixteen ran.
BETTING-400M STAKES.

King David
Julius Cmsar

Eight ran.
SCURRY STAKES,

Four ran.

LATEST BETTING—THIS DAY, 12 O'CLOCK
DONCASTER, HANDICAP.
7to 2 agst Lerrywhent (taken).
t; to 1 agst Ilungerford (taken).
Gto 1 agst Alonzo (taken).
7to 1 agst Feversham (taken).
7to 1 agst Pearl (taken).
7to 1 agst Catherine Parr.
10 to 1 agst any other.

LATEST FOREIGN NEWS

THE WAR IN THE EAST.
REPORTED DEFEAT OF THE TURKS AT
KALAFAT.—ANTICIPATED MARCH OF
THE. RUSSIANS FOR CONSTANTINOPLE.
The Morning Herald, in a second edition to-day,
makes the following important statement :

We are enabled to state that a special messenger,
who travelled with the utmost expedition direct
from the seat of war, arrived last evening at the

Foreign-Office with despatches of the very last im-
portance. These were immediately forwarded to
her Majesty at Buckingham Palace. The Queen
was just leaving for the theatre, but, in conse-
quence,. detained the Royal carriages for. upwards
of three-quarters of an hour. From what we can
gather, we fear that a dreadful reverse has over-
taken the Turkish arms, being no less than the
capture by the Russian army of Kalafat, the key
and the chief position of the Sultan's forces on the.
Danube, and we understand that almost a total
massacre of its defenders took place, and unless
checked by the extraordinary interposition ofPro-
vidence, the hordes of the Autocrat may be at this
moment on the high road to, if not in actual pos-
session of, Constantinople. There is and can now
1/6 no mistake. This news has even brought
Lord Aberdeen to his senses, arid henceforth he
must admit that nothing but war to the knife
against the Czar can atone for the atrocities he has
committed.

[We shall use our utmost endeavour to obtain
either a contradiction or a confirmation of the above
appalling intelligence, and trust, for the sake of
humanity, as well as for the honour of France and
England, that it has at least been exaggerated.—
Ed. Sun.}