The Sun.
London, England, 1871-01-03 00:00:00

ME SUN, LONDON, TUESDAI, JANUARY :1, Ir rlB7l 72°

THE MONEY MARKET.

(CENTRAL PRESS '.iELEditAM.)

THE SECRETARY FOR WAR AT OXFORD.

CITY, Two O'CLOCK.

The Right Hon. Edward Cardwell, the Secretary of
State for War, speaking at a dinner given at Oxford last
night by the Society of Druids, paid a high tribute to the
ability and character of Mr. Bright, whose retirement
from the Cabinet he deeply deplored. Referring to the
war, Mr. Cardwell took occasion to •enlarge on the duties
of neutrals, who ought always to be guided by the land-
marks of neutral law. This was the course the present
Government had endeavoured to pursue. Many in-
correct statements had been made public in reference
to the army. It was not true, for example, that 20,000
experienced men had been disbanded, or that there had
been any difficulty in raising recruits, or that the Govern-
ment had been neglectful of the field artillery, or-that
there had been any improper delay in the distributing
of arms. This latter Work, he Said, had gone on with
great rapidity, and he assured his audience that the
authorities had in store as much Powder as was requisite.
Mr. Cardwell proceeded to explain away other erroneous
impressions which prevailed in reference to the army,
and then drew a contrast between Prussia, America, and
England in reference to armaments. He was sure the
Government might . take credit to themselves for being
determined to do their duty to their Queen and to their
country, and to bequeath to their successors unsullied the
glorious inheritance they had received. Much as those to
whom he addressed himself might prize a wise economy,
he felt sure that there was no sacrifice they would not
cheerfully submit to in order that the honour of the land
in which they lived and of the sovereign who reigned over
them might be properly upheld.

The Stock Exchange re-opened this morning, and there
was a disposition to do business. The quotations are firm
for all the principal Securities. Government Securities
sustain their late advance. In Foreign Stocks prices are
declining.

Consols are 91 to 92 for money and the account ; and
New and Reduced 91i to 91k.
In the Foreign Market Spanish Three per Cents. are
quoted 29 to 291-; Italian, 55 to 551 ; Turkish Fives, 431
to 44 ; Egyptian of 1868. 771 to '7B ; and French Six per
Cents., 11 to 1 dis.

The directors of the Colonial Bauk have decided to
propose a dividend and bonus of 8 per cent. for the half-
year.

The announcement for the payment of tho current divi-
dend on the Turkish 6 per Cent. Loan of 1865 at the Im-
perial Ottoman Bank notifies that the coupons must be
presented on or before the sth inst., after which date none
can be received. The meaning of this attempted limits;
tion is not clear, but, whatever its aim, it can have no
force if the Turkish Government desire to be careful of
their credit, since there is no clause in the bonds with
regard to the coupons to entitle the Government, under
any circumstances, to prescribe the time at which they
shall be sent in.

Berger, Spence, and Co.'s retrospect of 1870 says :
The year 1870 has witnessed the gradual rise of the
chemical trade, from the effects of over speculation and
excessive production. In the latter half of 1869 prices
had reached their lowest ebb, but towards the close,
although generally speaking the market was quiet, a
marked improvement for the better was noticeable. In
minerals, the year 1870 has witnesst d a further and steady
deVelopment of the mining industries of the United
Kingdom. New mines have been opened up and fresh
sources of profit secured, and all this without traces of
the speculative mania of previous years. The general
aspect of the metal market during the year has been quiet,
and the anticipated advance for some descriptions has not
been realised. The enormous contracts entered into at
the close of 1869 and the beginning of 1870, for rails,
principally with the United States and Russia, had the
effect of producing an augmented demand for pig iron ;
and Hematite pig was also in increased inquiry for the
making of Bessemer steel rails. Manufactured iron,
however, has not improved, being unchanged throughout
the year, although latterly many of the sales effected were
slightly in favour of buyers.

TAXATION OF GOVERNMENT PROPERTY.

The subject of Government property being made
liable to local taxation was discussed at the Hampshire
Quarter Sessions yesterday. It was urged that the large
Government establishments at Portsmouth, Winchester,
and Aldershot ought to contribute to the county rate.
Mr. Beach, M.P., thought the exemption of Government
property from taxation was decidely unjust. Mr. Portal
said that the Government once admitted the assess-
ment of their was in Alverstoke parish at
£10,833, but afterwards refused to pay, stating
that they only meant to pay a voluntary poor rate.
Mr. Stone, M.P., intimated that the President
of the Poor-law Board had given a distinct promise to
introduce a bill into Parliament providing for the removal
of the present exemption from rating claimed for Govern-
ment property. It would, however, be necessary to in-
quire if the property was to be made liable to the country
or only to the poor rates. Mr. t ooth, expressed
himself as being in favour of Government property being
rated. To bring about this result legislation was neces-
sary.