The Sun.
London, England, 1871-02-25 00:00:00

THE PEACE NEGOTIATIONS.

The correspondents of the Telegraph forward the follow-
ing by special despatch :
IMPERIAL HEADQUARTERS, VERSAILLES,
Thursday Night, February 23.
A somewhat gloomy feeling has manifested itself at
headquarters this evening, and there is an unquestionable
hitch in the peace negotiations. The greatest possible re-
serve is maintained with respect to the exact nature of
the difficulty, but significant hints have reached me which
point to Metz as the bone of contention between the nego-
tiatiugparties. An impression, which lam bound to say Ido
not share, exists in certain high quarters that, despite the
pressure pnt on from the leading Prussian military
authorities, Count Bismarck will yield to the French
susceptibilities so far as to refrain from the annexation of
the great Lorraine stronghold, contenting himself with its
dismantlement. The mere money difference of a quar-
ter of a milliard of thalers is a question of
thinor importance, upon which I should not be
surprised at either side, or both sides, giving way ; but
the cession of Metz formally and definitively by the
French nation will be obtained only by a supreme effort
of the executive ruler of France. Should M. Thiers fail
to impress the National Assembly with the conviction
which he himself entertains—that further beating about
the bush, however tremendous the sacrifices exacted by
her conquerors, will bring down upon France most
frightful and irremediable calamities—we may ex-
Peet the renewal of hostilities on Monday morn-
ing. In that case Von Moltke's plan of catn-
paig,n, already sanctioned by the Emperor, will be
carried into execution with magical rapidity. A
movement of concentration has been commenced along
the whole line of operations towards the South ; and the
Imperial Field-Marshal commanding the enormous forces
massed on the very edge of the line of demarcation is per-
fectly ready to strike a heavier blow than the German
arms have ever yet inflicted upon France. On the other
hand, persons in. whose trustworthiness I can place the
strictest reliance, and who have just arrived hither from
the South, assure me that the greatest activity is displayed
throughout the whole of that region in collecting and
bringing up troops to withstand the German army. They
state, moreover, that the French regiments in and near
Bordeaux are composed of excellent material. lam
positively assured that the German troops will enter Paris
on Monday morning. The tone of the Parisian press has
given bitter umbrage to military men here, and I am led
to believe that, by what means I may not indicate, it
will undergo most miraculous change by Tuesday morning
next. The anxiety here is very great among Prussians as
well as among French.

PARIS, Friday, February 24 (1 p.m.)
The Paris Journal says that Count Bismarck presents
his claims under the imperious and brutal form of an ulti-
matum. Prussia will not sign peace unless France accepts
immediately the basis of a commercial treaty with
Germany.

2 p.m.

Opinions differ very much with respect to the likelihood
of disturbances, and much bunkum is talked. The habitues
of the cafes say that it would be the death-knell of Bis-
marck, but the tradespeople are more sober, and hope that
everything will pass off quietly.
BORDEAUX, February 23 (Evening).

The 2nd division of the 25th Corps has arrived, com-
manded by General Brunt. There are now 100,000 men
in or near Bordeaux and near Poitiers. 80,000 remain
with Chanzy. It is rumoured here that the German terms
are to hand, and that France will accept them with regret
Thiers has not returned, but is expected on Friday or
Saturday. He is in communication with the Assembly.
Some people here have an idea that Bismarck ought to be
satisfied with the neutralisation of Alsace and Lorraine,
and that the pl4biscite of these two provinces ought to be
taken. Two clubs of the leading gentlemen in Bordeaux
have voted that no Prussian shall ever become a member
of their societies. There is very great excitement here
about the results of the negotiations. Thousands of
people are in the streets all day, even till midnight. There
is considerable disorder, and all the public places are
guarded by troops of the line and sailors—none by the
National Guards.

The Daily News correspondents telegraph as fol
lows :

PARIS, Friday. (Morning)

All is quiet here, with the tranquillity of ignorance.
People don't knowhow exacting the Germans are, and they
are full of expectation that a statesman of so much au-
thority as M. Thiers must command respect and modera-
tion from his adversaries. Whatever be the result of the
resistance of M. Thiers, I have good authority for saying
that the Germans are simply rapacious -in the'r
demands. They ask for eight milliard francs
of indemnity; they must have Alsace and Lorraine,
including Metz ; and they propose not simply that the
German army should pass through Paris, but that it
should even occupy one of the quarters of the city—that
of the Champs Elysks. Hitherto the chief resistance of
M. Thiers has been directed against the cession of Metz
and the occupation of Paris. How far this resistance
will be successful time will shew. It has been
stated that the preliminaries of peace would
be signed on Sunday, the last day of the
armistice ; but the German demands are so exorbitant that
it will be impossible to arrive at a conclusion so quickly.
The armistice will have to be extended till the end of the
month at least. Those who are aware here of the enor-
mous pretensions of the Germans begin to look with
anxiety for signs of intervention from the neutral Powers.
Will they not take some steps to moderate the German
ultimatum?

PARIS, Friday (Noon).
All is dark and difficult, and Paris must prepare itself
for very hard dealing, if, as stated, in addition to the
cession of Alsace and Lorraine, the occupation of Paris,
and a large indemnity, the Germans demand a favourable
treaty of commerce, and on I,!ss trustworthy authority the
neutralisation of Savoy and Nice. Several of the best clubs,
beginning with the Jockey glut), have resolved to close
their doors henceforth against all Germans. Merchants
and manufacturers are making oaths never to employ
Germans again. The negotiations are almost entirely in

the hands of M. Thiers, who is indefatigable.. The
present arrangement is that the preliminaries of peace
must be signed on Sunday, and ratified at Bordeaux the
following day. •To hasten matters the Germans have
sent into Paris a financial agent to arrange for the mode
of paying the indemnity. M. Jules Favre is not very
well, and asks to be spared going to Bordeaux to urge on
the Assembly the ratification of the Treaty. No diffi-
culty is expected in the Assembly. A correspondent who

has just arrived here from Versailles says that the im-
pression there was that the Germans would abate a little
of their demands ; but would insist on entering Paris.
PARIS, Friday (Morning).

A committee has been constituted under the presidency
of Leon Say, to consider the best means of liquidating the
war indemnity. Paris will be saddled with its own
fine, and will proceed, as soon as the Prussians have evacu,
ated the territory, to levy increased city dues on articles
already taxed and others as yet untaxed. The balance
between these new taxes and the old will be thrown• into
a common fund to meet the interest of the sum recently
advanced by the Bank of France, guaranteed by the seven
banking firms which endorsed the bills upon London and
Berlin by whioh the war fine imposed upon Paris was
recently paid. A motion is shortly to be presented
to the National Assembly by M. Louis Blanc, supported
by Victor Hugo, Henri Rochefort, and by the hundred
and fifty Radical Left, as distinguished from the Mode-
rate Left, for the surrender of Louis Napoleon, with a
view to his impeachment, when he will be called to ac-
count for his conduct as General-in-Chief of the armies of
the Rhine.

VERSA,IT,I,E.'b't February 23.

The remarks of the Parisian press and the depreciating
tone of the many foreign journals have rather increased
than diminished the German wish to march through Paris.
We will, not be talked out of it, say the conquerors; and
they seem resolved to have their way. The nAattea, is still
thought open for negotiation.

VERSAILLES, Friday, 11 a.m.
'There appears to be no doubt as to the certainty of the
German entrance into Paris. According to the present
arrangements, the occupation is to commence on Monday
next, and the most general calculation is thiit
Paris will not be clear of the Germans before
the lapse of sortie three weeks. Consider-
able apprehensions are entertained in Versailles
as to the renewal of hostilities. Officers on leave
belonging to the Army of the South have re-
ceived peremptory orders to rejoin immediately. The
concentration and disposal of troops, in view of every
untoward contingency, commenced yesterday. Our Mili-
tary Commissioner with Prince Frederick Charles has
been urgently requested by his Royal Highness to return
to his headquarters. Undoubtedly there are movements
of French troops going on to the south of
La Fertd and elsewhere within their territory to the south
of the German occupation. Of this I can speak from per-
sonal observation, but the movements are coildncted m a
desultory, half-hearted fashion. andthe
to
troops
seem unsupported by any appliances calculated
enable them to take the field effectively. It is
undersood that offers have been forthcoming with regard
to the future financial condition of France in relation to
debts already incurred, and also to the war indemnity,
of a character calculated to allay all fears regarding
a hitch in the negotiations. This is, of course, contin-
gent on the other terms of peace being ratified,
so as to ensure France a settled Government,
and Europe the prospect of a peace of some duration.
Capitalists are sensible that such a struggle as that which
has been raging for the last six months produces an tiled
so paralysing that they are willing to strain a, point to
secure the return of a peaceable field o,£ weratiami

OUR COTEMPORARIES—This Morning

THE PEACE NEGOTIATIONS.

The Times says Thiers could have no resource
but to yield, and, cruel as his fate is, he must yield every-
thing. Alsace and Lorraine, Metz, if not also Belfort,
and an overwhelming war indemnity, are the concessions
exacted from him. Whoever understands anything of
the cha-acter of M. Thiers, whoever can sym-
pathise with the citizen of a proud country
brought down the very dust of humiliation, can
Picture to himself how M. Thiers must have writhed
under the torture of ne4otiations like these ; how he must
have been tempted a hundred times to break them off,
accepting by preference a renewal of war a outraace ; how
he must dread the hour when it will be necessary to
eireal them to the Chamber at Bordeaux; and how,
at length, he acknowledged. to himself the mise-
rable necessity which weighs upon his country of sub-
mitting to whatever exactions the victor may demand.
M. Thiers will go to Bordeaux to-day occupied
with as sad thoughts as could ever have grieved the soul
of a patriot. For Bordeaux is not as Versailles, nor as
Paris, and if the veteran statesman could hardly persuade
himself to assent to the German terms when in the midst
of the German camp, and when he had seen Paris lying
powerless at the feet of the enemy, yet did persuade
himself to assent to them because he foresaw worse things
would otherwise be in store for his country,
he may well despair of being able to persuade a large
body of his countrymen, many of whom have seen little
of the war, to accept terms he knows to be so harsh,which
yet he holds it necessary to accept. He may distrust his
own eloquence, though it be at its best through the in-
spiration of the deepest feeling, and though it be
supported by the authority of his fellow •nego-
tiators. We cannot but share his apprehensions and
his anxieties. The Assembly at Bordeaux is indeed bent
on peace ; it was in a sense elected to make peace, but
always with a certain reservation of national honour
which was not without meaning, though essentially. vague
in definition. Would that to-morrow was over, and peace
was come ! Would, we may add, that we cotila see any
way in which our influence might be used in restoring
peace to Europe.

The Standard observes :---The Imperial Court and the

Imperial Family of Germany may, no doubt, congratu-
late themselvee on the gain of glory, territory, and
money. But have the German people equal reason to
rejoice ? We believe that such a peace will be a cala-
mity to Europe, to France, and even to Germany her
self. It effaces France as a Great Power. The
loss of Metz will leave the Germans so near the
capital that a single victory would bring them
in front of Paris. The sum of money exacted

is so enormous that it will paralyse the country for years
to come. Under such circumstances France would
neither have the will nor the means to play the part
of a Great Power in Europe. She will be too weak,
too poor, too much endangered to incur the perils of
a vigorous diplomacy, the cost of war, or the risk of
offending Germany, and she will be disposed to
reserve what strength she has or can have for an
attempt to recover her lost territory. The rest of
Europe will suffer severely for their apathy, the practical
effacement of France leaving them at the mercy of Prus-
sia. Austria must submit to receive the law at the hands
of Count Von Bismarck, and will hold her German
provinces only as long as Prussia and Russia have not
agreed on the division of the spoils. Italy has lost her
protector, and England, left without an ally, may have
to choose between the total overthrow of her policy
in the Levant and fighting single-handed to main-
tain it ; may any day be bidden to say whether she
will allow Russia to take Constantinople or will go
to war with the two great remaining Powers of the Conti-
nent. Denmark, Sweden and Norway, Holland and Bel-
gium, exist on sufferance, until it shall suit the Emperor
to seek, and Count Von Bismarck to find, a pretext for
their annexation. Such is the fruit of a policy of non-
intervention—and if ever a policy stood condemned
by its fruits, if ever a Ministry was :palpably
convicted by events of having betrayed the trust of
the Sovereign and the interests of the State, the
Government of Mr. Gladstone is at this moment con-
victed and condemned, by the irresistible logic of facts, of
an error as unprofitable as it was pusillanimous.

The Daily News observes :—We cherish the expectation
that, in a short space of time, we shall hear tidings of
peace. It is strange to look at the two points on which
the Parisians fix their desires—the retention of Metz and
the abandonment of the entry of the German army
into Paris. The latter project has been becoming
more and more prominent, until Frenchmen have almost
grown to consider it as the very worst thing that fate
could have in store for the country. It was far from
wise on the part of the Parisians, if they wished to be
spared this crowning humiliation, to indulge in taunts
and useless warnings of dangers. It was possible, as
we hope events will prove, to persuade the Ger-
mans to keep out of Paris ; it was not possible

to frighten them into abandoning the enterprise.
In the event of the threatened conflict between
an unarmed populace and a host of disciplined troops
taking place, whioh is likely to suffer most ? Were the
disturbance to provoke a massacre at which all Rnrope
would shudder, the German soldiers would not form a
tithe of its victims. These considerations we shall hope
to see speedily dismissed as having been quite unneces-
sary ; but in the meantime they threaten a serious cop-
plication, and may bring on the Parisians the very disaster
they have been anxious to avoid. Count Bismarck is said
to have refused a further extension of the armistice.
France has had a month to think over—not the German
terms, which were unknown—but the principle of those
demands. When the French Deputies grant a cession of
territory, they have granted everything, The amount of
the indemnity is quite a secondary matter. Count Bis-
marck knows that, in her present circumstances, France
cannot borrow or pay beyond a certain sum ; and he will
not be so imprudent as to demand the impossible. The
real question of difference is that of territory and for
that matter we have some reason to think that Germany
will not formulate the extravagant conditions which have

been of late freely attributed to her.
The Telegraph considers that unprejudiced observers,
however desirous they may be for the conclusion of peace,
cannot avoid experiencing a feeling of astonishment at the
enormity of the terms which Prussia has determined to
exact from her defeated enemy. Alsace and Lorraine,
two of the wealthiest and most important of her
provinces, are to be wrested from France ; the
fortresses which protect her from the danger of invasion
on her eastern frontier are to be placed in the hands of
the enemy who commands her capital ; and, in addition,
she is to be burdened with snob an increase
of her national debt as will cripple her resources
for years to come, retard her material development, and
render her people the most heavily taxed in.
Europe. Yet, as if all this were not sufficient,
she may be subjected to the humiliation of seeing
her capital occupied, not as an act of warfare, but simply
and avowedly to gratify the pride of her conquerors. hi
the face of these facts, it is ;110 for Prussia to claim credit
for moderation in omittin; s,me minor items, such as
the demand for ships or colonies. We have no hesita-
tation in saying that the terms imposed upon the French
people under the pressure of absolute force are
such that, for generations to come, the one
desire of all Frenchmen must be not only to undo
the work of 1870, but to retaliate upon Ger-
many the sufferings and shame that she bas heaped upon
France. The peace now about to be concluded can never
be a permanent settlement ; and it is ominous to note
that the Prussians, even before peace is settled, talk of
the further terms they shall have to impose after the
next war, The arrangement to which Count Bismarck
4lld M. 'Tiers will shortly affix their names is a
respite only from the horrors of war. As a respite, how-
ever, it is essential to France, rind welcome to the world
at large.

prvalteo SUIT, £2OO DAMAGES.—In the Divorce Court,
Lard Penaa,nce and a common jury had before them the
case of Bailey v. Bailey and England. It was .a husband's
petition for a dissolution of his marriage on the ground of
his wife's adultery. The petitioner was a schoolmaster at
Manchester, and the co-respondent a cashier (in a well-
known mercantile firm. The parties lived happily toge-
ther till the co-respondent came to reside in Manchester.
He formed an acquaintance with the respondent, who was
his cousin, and ultimAtely they lived together as man and
wife. The jury found for the petitioner, with £2OO
damage&

Trtrl NEW RULES FOR CABMEN.—At the Westminster
Police-comt, Mr. Benjamin Hazel], a cab proprietor, was
charged with not delivering up a cab plate and licence
after having received a notice from the Commissioner of
Police to do so, agreeably with an order made by the
Secretary of State under the provisions of the Public
Carriage Act, 1869. Mr. Arnold referred to the Act, and
said the Secretary of State had power to regulate the
number of persons to be carried, fixing cab stands, fixing
rates or fares, forming a table of distances, and securing
the safe custody and re-delivery of left property, and there
his power ended; if he'made other regulations, nathaving
the pow-ex to do so; the defendant could not he summoned
under them or convicted; he should, however., consider
the ease, and adjourned it for that purvos4,

' MONETA..RY REPORTS.-YESTERDAY.

During the greater part of the day a quiet feeling per- 1
vaded the Stock Markets, and prices in many instances
exhibited signs of weakness. The new Brazilian Loan
was fairly received, although somewhat easier at 11, 14
prem. The French Loan was freely dealt in, and the
price rose to 924. After official hours, however, much
anxiety was produced by the publication of the German
terms of peace, which appear unnecessarly harsh, and
by the refusal to prolong the 'armistice negotiations.
The French Loan fell to 91. Consols declined
4, or to 91a, Kt for delivery and the account.
Reduced and New Three per gents, 914, 92. Bank Stock,
243, 245. Exchequer Bills 4s. to 9s. prem. Indian Five
per Cents, 1091, 110 ; and Indian Bonds, 225. to 275.
prem.
In the market for English railway stocks the business
doing has been very moderate, and prices have been with-
out material alteration. An advance of 4 has taken place
in Midland, but Great Eastern and North Eastern have
been 4 and 4 lower. Metropolitan, 664, 661 ; Caledonian,
874, 881 ; Brighton, 434, 431 ; South-Eastern, 781, 784 ;
Great Northern A, 1344, 13Q ; Great Eastern, 381, 384;
North-Eastern, 147/, 1471 ; Midland, 129, 1294 ; North-
Western, 1294, 1301 ; and Great Western, 774, 771
Indian railway stocks have been dealt in quietly.
Bombay, Baroda, and Central India, 1031 ; Carnatic,
1011 ; East Indian, 1095, ; Great Indian Peninsula,
104 k ; Madras, 1031 ; Oude and Rohilkund, 1011 ; and
Scinde, 1015, 1. Canadian shares have been dull. Great
Western, 15i, 4. Foreign shares have been inactive.
Lombards, 151 ; Great Luxemburg, 121; Central Argen-
tine, 204; Bahia and San Francisco, 191.
The foreign bond market has been quiet. Exception
must be taken, however, to the French Loan, which has
been largely dealt in, at a further enhancement of 4, the
quotations being 921 to 925. The Newßrazilian Scrip, after
being quoted at 2to 21 prem„ has fallen to 14 to 1 prem.
Turkish Six per Cents. (1869) have been 1 better; but
Spanish have fallen 1-16. Peruvian (1865) have been
quoted at 904 to 911 ; Egyptian (1868), 74i to 75,
Italian (1861), 541 to 544; Spanish, 30 5-16 to 30 7-16 ;
Turkish (1865), 61 to 611 ; ditto Five per Cents., 424 to
421 ; ditto (1869), 531 to 534 ; United States Five-Twenty
(1882) Bonds, 914 to 914. North German Scrip, 25 to
25 prem.
Bank shares have been steady. Union of London have

risen, being quoted at 401, 411. Anglo-Egyptian have
marked 22k, 23 ; Consolidated, 4a.; Imperial Ottoman,
111 ; Joint Stock, Mi ; Westminster, 63k.
Telegraph shares have been firmer. British Indian Ex-
tension at 81-, Ba, shew a rise of Falmouths have been
firm at 92 ; British Indian Submarine, 7, 1. Hooper's
have marked 61-16, and Constructions 25k.
In miscellaneous securities not much business nas been
doing. City Offices, 11k; Credit • Fonder of England,
31-16, 3-16; Hudson's Bay, 81; London Financial, 11a, i;
and National Discount, 12.
Although the demand for money has been less active,
the tone of the market has been firm, and three months'
paper has not been taken under 21 per cent.
The Atacama, from South America, has arrived at
Lisbon with £58,000 iu specie.
At Mark-lane to-day, wheat was firm, and prices were
well maintained. Flour tended upwards in value.
The sum of £240,000 has been withdrawn from the
Bank to-day.
As regards the exchanges, bills on Vienna, Hamburg,
and St. Petersburg have been in demand at lower rates.
At a meeting of the Millwall Dock Company it was
siewn that the net profit for the half-year was £12,635,
and a dividend of 3 per cent. per annum on the 5 per
cent. preference shares was declared, leaving £209 to be
carried forward.
The directors of the Surrey Commercial Dock Com-
pany have resolved to recommend at the meeting on the
9th of March, a dividend at the rate of 5 per cent. per

annum.

Messrs. Pixley, Abell, Langley, and Blake, thus report
on the state of the bullion market :—Gold has been in
good demand during the week, and, in addition to the
arrivals, about £200,000 has been withdrawn from the
Bank. The gold by the Peninsular and Oriental steamer
due on the 25th instant, amounting to £580,000, has also
been sold for delivery. The next Overland Mail from
Australia, due about the 28th proximo, is bringing
£430,000 gold, and the Great Britain left on 11th
January, for LiVerpool, with £16500. Silver,
owing to the cessation of the demand, has declined
in value, and may be quoted at 600 d. per oz. standard.
Mexican Dollars : We have had but few arrivals during
the week, and with the exception of an amount of £36,000
shipped to Shanghae, the coin is taken for refining
purposes. A very considerable sum is expected here
within the next few days.

LONDON STOCK EXCHANGE.-FRIDAY.

LATEST PRICES.-AFTER OL{ 1? I C AL HO Ult -3

The prices under the lines indicate the business done.