The Sun.
London, England, 1871-01-26 00:00:00

THE FALL OF PARIS.

The Telegraph says :—The attention of the whole world is
now fixed on the interview at Versailles between M.
Jules Favre and Count Bismarck. The fact that the
French Minister has visited the head = quarters of
the German Emperor, that he has remained there
for some time, and that at his
,request safe
I conducts have been sent to MM. Picard and
Dorian, is naturally taken to imply the
beginning of negotiations for the surrender of the capital.
The end of the heroic resistance is clearly at hand. The
time when the capital must open its gates is now reduced
to a question of days or hours ; for the disastrous failure
of the sortie on the 19th has revealed the utter
futility of any attempt to break through the line of
steel which encompasses the forts; the defeat of
Chanzy, Bourbaki, and Faidherbe has thrown back into
the dim distance the hope that Paris can be saved by
the provinces ; and the vast store of provisions is on the
point of exhaustion. The metropolis has shot its last
bolt and has failed. The conditions which Count Bismarck
is believed to demand may be changed to
meet circumstances unforeseen even by the Ger-
man Chancellor, but, as at present stated,
they may well be deemed appalling by the French
people. The degradation of a great and proud country
could scarcely reach a darker depth than that marked by
the dictate of the Prussian statesman. Not only must
the capital be surrendered unconditionally, or on con-
ditions which are a caricature of clemency, but,
before Germany will debate the final terms of peace,
the Provisional Government must yield up all claims to
the very provinces for which the contest has been waged
since the capitulation of Sedan. It would be idle,
however, to lecture the Prussian Chancellor or
ftuhlel Grfgeromuran
ofpetohpele
teornmsthewhifcohll
they
exacting
rtchee.
ytheo
have shown uo disposition to surrender a fragment of the
War is war ; and the victors in the present contest
Government refuse to comply with
prizes which they have won in battle. Nor can the
persistently Pr-
ovisional
the demands of the conqueror, so far as they relate
to the capitulation of Paris. M. Jules Favre, it is
true, may,' aed probably will, decline to surrender
the title of France to the temporary possession of
Champagne, or the permanent possession of Alsace and
Lorraine. He may reply that the Government of
National Defence has no right to barter away the soil of
of France, even for the sake of preserving the capital from
fire and famine. While offering to open the gates of Paris
and to capitulate without conditions, he may stubbornly
withhold his sign manual from a deed of territorial
transfer; and the resources, of civilised warfare do not
permit Count Bismarck to bombard an unresisting city
until the Provisional Government shall offer au abject
submission. Nevertheless, Paris herself lies at the mercy
of the besiegers. Her long and gallant resistance is now
at an end ; but she falls amid the respectful salutations of
all men who value the heroism of endurance.

THE BONAPARTIST RESTORATION.
If the statement positively made yesterday be true,
observes the Daily News, Count Bismarck has at last
' brought to birth the long-talked-of scheme for the
restoration of the Empire, and has got the consent of the
Empress and the approval of the ex-Emperor to terms
which he is ready to accept as the basis of peace. It
is certain that for some time past the exiled Imperial.
ists have been busy with their intrigue, and that
they regard the restoration of the Empire as one of the
certainties of the immediate future. This scheme of Im-
perialist restoration would make continued resistance in-
evitable. France is beaten, but France is not so
humiliated as to take a Government from the
hands of her conqueror. Even supposing that,
for the sake of peace, France should accept
the restoration of the Empire, how could the dynasty
ever recover the humiliation of a restoration effected by
foreign arms ? The Emperor would come back as a
perpetual memento of French defeat. He would
owe his Crown to the acceptance of terms which the
Republic rejected with scorn. Count Bismarck
must be far too astute to believe that a peace made
with such a Government could possibly last. He proba-
bly intends to use the Imperial restoration onlyas a threat.
He wishes to tell the Republic that if it refuses his terms
he will turn to the Empire, and that the Empire will
accept them. He probably reckons rather on the confu-
sion the restoration would produce, than on the order
it might pretend to estabhsh ; and his real ofler to
France simply amounts to the alternative—Peace
on our terms, or civil war. Perhaps of all the results
of the war an Imperialist restoration would be the
most inconsequent and absurd. It would mock the
professions of both parties, and dissapoint the hopes
of the world. The war was begun in Imperial
ambition, it resulted in an Imperial overthrow, and
it would be absurd that it should end in an
Imperial restoration. When King William found that
he could transfer the war to French soil, he declared that
he went to fight against the Empire ; Count Bismarck's
scheme would make him end the war by fighting for
the Emperor. Is Count Bismarck so inveterate a King-
maker that he must make a Government for France ?
If so, he may find that he has made the Liberal
party and the friends of free government in every
nation the inveterate enemies of himself and of his cause.
The neutral nations ought to have a voice in the settle.
ment. They should not let this crisis pass without
stopping in and making an attempt at peace ; and they
ought not to allow the peace negotiations to become the
meansllof foreign interference with the internal Govern-
ment of France. Empire or Republic, Orleans or old
Bourbon, it is for France alone to choose herrulereand
decide her destiny,

MONETARY REPORTS.-YESTERDAY.

There has been but a limited amount of business pass-
ing in the Stock Exchange to-day, the attention of member
baying been chiefly directed to the preparation for the fort-
nightly settlement, this being the first " carrying over-
day." Much interest has naturally been excited by
the present position of political affairs, and the
feeling has been kept awake by the constantly
repeated rumours of the Fall of Paris, which
have been prevalent throughout the day. Although that
event does not appear to have actually taken place as yet,
it may be hourly expected ; and if, as it is to be
hoped, it. will be the first step towards the con-
clusion of peace,, it may be anticipated to have
a very important influence upon trade and the money
market here. Whatever terms may be arranged, there is
no doubt that bath. parties are much in want of funds,
and will have to apply to England for considerable
amounts.. We may therefore look fur increased firmness
in the demand for money here. Consols here
shewn more &mess to-day, and closed at 921 to 92i for
money and account. Reduced and new Three per Cents.
closed at 92k, ; India Five per Cents., 1101, 110 ff ;
India Four per Cents., 1011, 1021; India Bonds, 235. to
275. prem. ; Exchequer Bills, 10s. to 15s. prem.
In Colonial Government Securities there is no change
worthy of notice.
In the market for home railway stocks the tendency of
the quotations has been directly upwards, and a fair
amount of business has been transacted. Metropolitan at
661, 67, shews a rise of I ; Caledonian, London and
Brighton, South-Eastern, Midland, and London and North-
Western, of ; North-Eastern, of 1 ; and Great
Western, ff.
A general advance has taken place in the market for
foreign Government securities, owing to the more favour-
. able prospect of an early return of peace, and to the
belief that there is little fear of any new important
complications arising. Egyptian of 1868 are 1 higher;
Italian and Peruvian, ; Spanish, 3-16 ; Turkish Five
per Cents. (1865), and Six Per Cents. of 1869,1. French
Scrip has improved lin considerable purchases, while the
North German Loan is better.
The dealings in joint-stock bank shares have been on a
restricted scale, but no change of importance can be noted
in the quotations. Agra shares have sold at Bff, Colonial
50, Imperial Ottoman 111, ff, London and Brazilian 18i,
London and County 511, London Joint-Stock 36k, 6,
London and Westminster 64,1, Oriental 42, and Union of
Australia 40.2,
A steady tone has prevailed in the market for telegraph
shares, prices of ,which have been well supported. British
Australia have changed hands at 4 ; British Indian Sub-
marine, 7i, 1; Falmouth and Gibraltar, 9} 1 ; French
Cables, 131 ; West India and Panama, 5, t.
In the miscellaneous share market there has been little
doing, but there is no movement in the quotations worthy
of particular remark. Credit Foncier, 2a : Hooper's Tele-
graph, 7, 61 : London Financial, 19, 18 die ; Roumania
Government Iron Bridges Annuities, 75.
The money market remains quiet, though there is less
disposition on the part of brokers to negotiate long-dated
paper. The rate for good short bills to-day was 21 per
cent.
The sum of £36,000 was withdrawn from the Bank of
England to-day.
At the meeting of the Shareholders of the National
Discount Company, Limited, the report of the directors
was adopted. There was an available balance of
£69,958175. 6d., out of which a dividend at the rate of
17 per Cent. was declared. Absorbing £67,819 16s. and
carrying forward £2,139 Is. 6d. to Profit and Loss New
Account.
The following are some of the principal making-up
prices :—Railways : Metropolitan, 661; Caledonian, 87t ;
Brighton, 43 ; South-Eastern, 76 ; Great Northern A,
135 ; North-Eastern, 1461 ; Midland, 129 ; North-
Western, 130 ; Great Western, 72& ; Great Eastern, 41.
Foreign Bonds : Peruvian (1865), 90 ; Egyptian (1868), 75 ;
Mexican, 142 ; Turkish Five per Cents, 421; ditto (1869),
511; Italian (1861), 541; Spanish, 30. Miscellaneous :
Don Pedro, 11 prem. ; Anglo-American, 741 ; Telegraph
Construction, 251; Silver's Indiarubber, 471.
The report of Hooper's Telegraph Works (Limited) to
be presented on the 3rd of February, states that the profit
of the year, after writing off 20 per cent. for depreciation
of works (t 13,000), and the whole of the preliminary
expenses, has been £36,490, and that after deducting the
amount due to Mr. Hooper in accordance with his con-
tract, the net balance is £24,782, of which £6,250 was
distributed on the Ist of July, leaving £18,532, out of
which a dividend is declared for the six months' of 10s.
6d. per share, or at the rate of 15 per cent. per annum,
which will absorb £13;12.5, and leave £5,407 to be carried
to a reserve fund.
The report of the Staffordshire Joint Stock Bank
(Limited), to be presented on the 7th of February, shews
an available total of £15,540, including a previous balance
of £2,935, and recommends a dividend of 15s. per share,
or at the rate of 71 per cent. per annum, which will
absorb £6,589, and the appropriation of £7,000 to reserve,
thus raised to £42,000, and £1,200 to purchase of business
account, leaving £7Bl to be carried forward. At the
corresponding date of last year the dividend was of the
same amount, the appropriations to reserve and other
accounts were £7,200, and £2,935 was carried forward.
The deposits held are £406,624, an increase of £3,018, and
the paid-up capital is £173,875.

LONDON STOCK EXCHANGE.-WEDNESDAY,

LATEST PRICES.—AFTER OFFICIAL HO U
The prices under the lines indicate the business done.

GOVERNMENT SECURITIES.

Three per Cent Console 929 DoAudi &Oct 1883.85.. 112 113
921, 9, 4,1 113, 121
Do for Account
929, 4, 9 1024
Three per Cent Reduced 921 Brazilian. 1865, 5p o .... 931 941
927, 1 94,
921 Egyptian 1862. 7PO• • .. 81 83
New 3 per Cent
921, 9, i• 1, i 83
0 •• 9911004
Exchequer Bills, Maroh 10 15Prn Do Rail Deben 7 P
12s. pm 991
Do, June lO 15Pm Italian. 1865. 5p 0
153 pm Peruvian, 1865. 5p a .... 90 91
Bank Stock
240 Portuguese 18q9 3I"C ' • 32 33
India 5 per Ceuta
1101, 1, 9 Russian. 1862, 5 p 0.. .. 841 851
India Bon dB B5 I, 49, 54
pm Do Nicolas 4p o
Can 6po Jan&Julyll77-84 104 105 679, 1
Do March & Sept. 104 106 Spanish
29
Do 5p o Jan & July .. 98 99 301. 30, 1,9, 301
79 8]
981 Turidsh, 1854. 6 p o
Do Inscribed Stock .. 97 99 804, 79
Dom of Can 5p c 190.3 .. 98 100 Do. 1865. 5P g
Ceylon 6 p c May and 424, 9, 1
November 1878 lO6 108 Do, 1865 6p a
Mauritius 6 p c Jan and 801. 599, 1
July 1873 lO2 104 U. 13.5-20 B uda,ti p o 1883 909 909
New li Wal es 5 p clB7l-76 lOO 101 94 9, 9. i
1001 Do do 1885 899 90
New Zealand G p c 1891 lOB 110 90. 894
Do 5p o
Do 5p c Consolidated 9991001 88/
100 ErieSha, 100 dole, all paid
Do 6p c Mar &Sept 1891 109 111 Illinois Central Shares .. 110 111
Do June & DeclB9l 108 110 Atlantic and UW It Con
Viet 6p c Jan &July 1891 113 114 Mortgage Bonds