The Sun.
London, England, 1871-02-06 00:00:00

MAY, FEBRUARY 6, 1871.

NEWS FROM HAVRE

---
From Havre, February 5, the special correspondent o
the Standard writes :—Politically the situation is distress
ingly complicated. The Government in Paris are
one way, and M. Gambetta, at Bordeaux, is
another. As though that were not sufficient, M. de Bis•
marck, who might have been supposed
have enough on his bands without tampering with
the internal politics of France, now puts in his
oar. The Paris Government had issued a decree
respecting the elections which makes everybody eligible.
M. Gambetta, as you know alrealy, has issued a decree
exclipli:l7 from the representation every man who may
have beau a:: official candidate, or who may have held
office under the empire. We are now favoured with a
copy of a telegram from Versailles, to the effect that
Count 13ismarck "protests against" this interference of
M. Gambetta with " freedom of election," and notifying
that Germany will not recognise the authority of a
Representative Chamber elected under such restrictions.
The result of all this is that it is difficult to make
out which the Government of France really is. Is
M. Jules Fevre in Paris the ruler of the country, or is it
M. Gambetta m Bordeaux, or is it M. de Bismarck in
Versailles ? I fear that the wily Prussian has played
his cards only too well. It appears to me that he has
not the slightest intention of bringing about the con-
clusion of peace, but, on the contrary, that he means
to avail himself of the want of union which prevails be-
tween the rulers in Paris and their so-called delegate in
Bordeaux to compass his sinister design—the utter over-
throw and annihilation of France, trusting to anarchy to
complete the task already more than half performed by
foreign war. This attempt on his part to interfere
with the elections is one of those insults which
Frenchmen will never put up with, and his insolent
telegram to Gambetta •will make of that rashest of
politicians the national representative of France. As to
the armistice convention, the full text of which we only
receive this day, all I can say is that I cannot understand
how any French statesman could have signed a document
so exorbitant. The idea of giving up to the Prussians the
whole of the Lower Seine with the exception
of a narrow angle of territory between the Seine
and the sea, thus enabling them to take possession
of three of the chief Channel ports which they never
claimed to have occupied—viz., Dieppe, Saint Valery,
and Fecamp—is so preposterous as to suggest the idea
that M. Jules Favre's mind must have given way tempo-
rarily when he signed it. As regards the left bank of the
Seine, the document is drawn up with inconceivable
carelessness. It is therein stated that the Prussian line
commences at Pont l'Eveque on the coasts of Calvados,
whereas the little town is upwards of twelve miles from
Honfleur. The armistice convention thus enables the
Prussians to turn the truce to account, by making the
preliminaries for a regular siege of Havre. People
here are very justly excited and indignant on
the subject. How this will end I cannot pretend to
divine. In this town the authority of Gambetta is
utterly undisputed. Further north I believe the re-
verse is the ease. The Prussians hold the chief port
through which Paris can be re iictualled, and it
would seem that the reason why they were anxious to do
so was to enable them to threaten to cut off the supplies
from Paris, as a mode of coercing the country into com-
pliance with their revoltingly exorbitant claims. I fear
that for a longer period than is generally supposed the
French capital will not be at Paris, but Bordeaux.

OUR COTEMPORARIES—This Morning

THE DEMANDS OF BISMARCK.
The Times, commenting on the amended terms of peace,
says :—The magnitude of the War Indemnity said
to be demanded from the vanquished nation naturally
struck the imagination of a commercial people.
Ten milliards of francs, or £400,000,000, form an
overwhelming total. It would be impossible to
raise, and it would, therefore, be idle to demand
it. The sum is now corrected. It is not ten milliards,
but something like eight that may be asked. Four
milliards were demanded in November, and the amount
now deemed necessary may be taken at double that figure.
1 nstead of £400,000.000 we must read £320,000,000. There
can be no greater exemplification of the enormous
amounts thus spoken of than the fact that the difference
between them, though in itself a sum that would strain
the resources of France most severely to raise, is a fleabite
compared with either of them. The difference between
infinites vanishes in relation to each. II a man, ordered
to take up and carry on his shoulders half a ton, looked
blankly at the overseer, and was then told that
eight hundredweight would perhaps suffice, he
would feel that the relief was a mockery. A fine of
£320,000,000 means a levy of more than £8 per head for
every man, woman, and child in France, and this demand,
it must be remembered, comes on the back of local
indemnities and requisitions. The penalty inflicted
on Paris last week of eight millions sterling was
itself £4 a head ; so that Paris, after being exhausted
by the struggle of defence, is called on td submit to a
total indemnity of £l2 a head. We need not recall the
illustrations that have been already given of the impossi-
bility of supposing that France could raise by any
process such a sum as £400,000,000; it is enough to
repeat that they apply with no perceptible modification
to the difficulty of raising £320,000,000. All that we
learn from Versailles amounts to no more than this -that
Germany will demand something in excess of France's
power, and will, perhaps, be content when the utmost
that can be obtained has been secured. Weighing the
terms corrected as means towards the restoration of
peace, we cannot but be disquieted about the immediate
future. There is as little promise of peace in them as in
M. Gambetta's extravagant decrees,
THE POLITICAL DISSENSIONS IN PRANCE.
We have now more hope of the results of the elections,
the Daily News remarks, since all over France they are to
be free as they will be in Paris. The division in
the Government of the National Defence had thrown
everything into confusion. No nation in history
has ever been called on to elect a representa-
tive assembly under such conditions as those in
which France will vote on Wednesday next. It
is chaos trying to create a cosmos ; a tangle without paral-
lel in European history trying to unravel itself. M. Gam-
betta's self-willed course was likely to have thrown the
whole of M. Favre's arrangements out of gear. M.
Gambetta had practically made himself dictator,
for his three colleagues at Bordeaux are only
his echoes. At a stroke of his pen he had
disqualified, or attempted to disqualify, for election
nearly all the public men in France, excepting
those of his own party. He has lectured his colleagues,
complained of them to the country, hinted that the
disaster of Bourbaki's army is their fault, and
has publicly set them at defiance. There are
now two Governments of the National Defence—that
of M. Favre at Paris, and that of M. Gambetta at
Bordeaux. Their quarrel has brought the common
enemy upon the scene in the shape of a protest from
Count Bismarck against M. Gambetta's interference with
the elections. The terms of the armistice, perhaps,
jnstify this protest; and M. Favre has consented to
abolish the restrictions which were laid down by his col-
league. More than half the confusion of this crisis
originates in the necessary mixing up of the ques-
tion of peace or war with the question of Government.
M. Gambetta, we fear, confounds his party with
his country. If the old parties are united, so much the
greater the need of Republican union, and the misfortune
of Republican division. The one thing France cannot
afford is division. If even the Government of the
National Defence is divided, how can the De-
fence hope to stand ? If the Republican leaders give
an uncertain sound, whom shall the people follow?
With two Republican Governments and two capitals,
France is more likely to lose her unity than to keep it ;
and- the only hope of the future seems to us to !be either
in the Paris Government inducing its recalcitrant col-
leagues to resign, or in a combination of the old parties
saving the country from ruin by overthrowing the Repub-
lic. A Republic divided against itself does not even de-
serve to stand.
The Standard observes :—Unless the members of the
Constituent Assembly, which within a few more days is
to meet at Bordeaux to decide on the momentous
issue of peace or war,, be chosen under such con-
ditions as shall render them, at least in appear-
ance, a full and fitting representation of the country
on whose future they are to decide, the result
of their deliberations must needs be not only
futile but mischievous, and that to an extent almost too
terrible to contemplate. M. Gambetta's attempt to
silence by force every one who cannot be trusted to
support his own views of policy and his own grasp of
power is an outrage upon the whole of Xurope. It
renders worthless, not merely from Count Von
Bismarck's point of view, but from that of every sane
and honest man throughout the world, the decision of
the Assembly whose convocation has been purchased at so
heavy a cost. It places France, helpless and distracted
with intestine discord, at the feet of her victorious foe. It
gives an excuse to the timid and paralyses the bold among
the Neui,ral States, whe dare not if they would afford
their countenance to a course which may involve France
in ruin against her own will, and who would not if
they dared involve themselves in possible war and
bloodshed only for the sake, not of aiding an imperilled
ally, but of delivering her over the more helplessly to the
mastery of Revolution and anarchy. The issue before the
Constituent Assembly is as simple as it is momentous.
It has to deal with but one single question—the question
whether under the circumstances in which the country is
fit
titiontso oneawthfciht
its
sw
vpileactoerido,usandi in
invader face
y ofthe k
i n n
will decide upon the acceptance of peace or the renewal of
m a th co
war. We do not yet know for certain what those terms
are. Still less can we form an idea to what extent even
such as may eventually be offered may prove susceptible
of modification when discussed by an Assembly speak-
ing authoritatively in the name of France, and
backed by the influence, even if not by the material
aid of the Neutral States, which in such case could
scarcely be withheld. But this much we do
know. The Assembly which is to decide upon
such a question as this must be an Assembly not only
which shall speak in the name of the nation, but
which shall have authority so to do. With that authority
France may, we think, look hepefully to the conclusion
of peace on fair and honourable terms, or, failing them,
may rightfully demand, and in the present temper of
the Neutral States, not improbably obtain, the assistance
of Europe, against her arrogant and overbearing foe.
Without it she can only fall more helplessly and more
hopelessly than ever into the abyss of ruin and despair.
The Telegraph says :—M. Gambetta has thrown down the
gauntlet to Count Bismarck, as well as to the Govern-
ment of Paris. and Francs seems on the brink of civil
war. The "Reds" of Bordeaux have held a meeting
5,000 strong, and have urged the Dictator to accept the
presidency of a Committee of Public Safety. Now, what-
ever such a body might fail to do, it would certainly
fight a entrance. If the past history of France affords
any guidance in the present crisis, a Committee of Public
Safety would equip armies as long as it could find gold or
print assignats. If it deemed a Reign of Terror necessary
to bring victory, it would as unflinchingly resort to that
darkest of French expedients as M. Gambetta has resorted
to the weapons of absolutism. Count Bismarck, as he has
already indicated, and apparently with the full approval of
M. Jules Favre, would, of course, refuse to recognise the
authority of the Assembly which M. Gambetta seeks
to summon. If he saw the right of free election
denied, he must be expected again to let slip the
dogs of war, and months of terrible strife might
elapse before the conclusion of peace, or even of
an armistice, would be practicable. This precious
breathing time is therefore imperilled by Gambetta ; if he
once set loose the "Reds" of Lyons, Bordeaux, and
Marseilles, which he can do by utterirg one
tremendous word, civil strife is inevitable, and
Count Bismarck must negotiate, not with a
nation, but with an anarchy of warring units. There
cannot be a doubt that, in such a case, he would go with
proposals of peace to the Regency of the Empire, on the
ground that it is the only legal Government. And, if
driven to that resource, he would not leave the work
incomplete, but would arm the Empire with the means
of restoring its authority over France, and there-
fore of fulfilling a compact with Prussia. Fully
300,000 Imperialist soldiers are prisoners of war in
Germany. Part, or all, of that great disciplined host
might be placed at the command of the Empire under the
,
leadership of Generals so able and Imperialists so un-
flinching as Bazaine and Canrobert. In such an event
the work of havoc might be completed by the armed
citizens of France. Thus, Gambetta is playing into the
hands of the very men whom he seeks to exclude from the
National Assembly, and is risking the chance of a 8C414-
partist Restoration.

MONETARY REPORTS.-SATURDAY.

In consequence of the contradiction of the news from
Berlin respecting the proposed terms of peace, and the an-
nouncement that the indemnity had not been fixed, but
would in all probability fall short of the sum stated as
required, the stock markets to-day have been charac-
terised by an increased amount of firmness. The
business doing, however, has been by no means
extensive, and the fluctuations have been trifling.
In the railway market, Brighton, South Eastern,
Great Eastern, North Eastern, and Midland shew an im-
provement; but 'Metropolitan and Great Western have
given way in value. Foreign bonds have been steady, and
Egyptian, Italian, Spanish, and Turkish have risen.
The market for Home Government Securities has been
firmer. Consols have been better, at 911 to 92 for deli-
very and the account. Reduced and New Three per
Cents., 92 to 921 ; Bank Stock. 241 to 243 ; Exchequer
Bills, 10s. to 15s. prem. ; India 5 per Cents„ 110 to 1101;
and India Bonds, 235. to 28s. prem. Colonial Govern.
ment Securities have been quiet, but firm.
The transactions in English Railway Stocks have been
only to a moderate extent, but the tone of the market has
been steady, and the bulk of the alterations have been
favourable. South Eastern, Great Eastern, North Eastern,
and Midland have improved and and an advance
of is apparent in the value of Brighton Stock.
On the other hand, Metropolitan and Great Western
shew a decline of I and / respectively. After official
hours Metropolitan was quoted at 651 to 6611
Caledonian, 871 to 881; Brighton, 434 to 44 ; South
Eastern, 771 to 78a ; Great Northern, 123 to 124 ; ditto
A, 1321 to 1331 ; Great Eastern, 391 to 391 ; North
Eastern, 1471 to 1471; Midland, 1271 to 1271; North
Western, 1291 to 1291; and Great Western, 721 to 721.
In the Market for Indian Railway Stocks the transac-
tions have been restricted. Bombay, Baroda, and Central
India, 103, 1; Carnatic, 1011; East Indian, 1091, 1;
Great Indian Peninsula, 1041, 51 ; Madras, 1031 ; and
Scinde, 101, 1. Canadian shares have been dull. For
foreign shares the inquiry has been limited. Bahia and
San Francisco, 181 ; Great Luxembourg, 121, ; San
Paulo, 21/, 1 ; and South Austrian, 141, 15.
Not much business has been done in the foreign bond
market, but prices have been well maintained, and hn
occasional, but not important, advance is apparent.
Egyytian (1868) have risen 1, Italian 1, Spdnish 1-16, and
Turkish (1869) a, but United States Five-Twenty (1882)
bonds have been lower After official hours Egyptian
(1868) were quoted at 741 to 741; Italian (1861), 541 to 541 ;
Spanish, 301-16 to 30 3-16 ; Turkish (1865), 611 to 61/ ;
ditto Five per Cents., 42 to 421 ; ditto (1869), 511 to 521 ;
United States Five-twenty (1882) Bonds, 901 to 901 ;
ditto (1885), 891 to 901. French Scrip has been # per
cent. higher at Ito 11 prem. The German Loan (first
issue) is quoted at 2 to 21 prem. ; ditto New, 1 to I
prem.
Bank shares have been quietly dealt in. Agra A, 81,
9 ; Alliance, 131 i Consolidated, 4 9-16ths ; Imperial
Ottoman, 111, 1; London and County, 52 ; Joint
Stock, 371.
In telegraph shares transactions have been limited. Fal-
mouths, 91 ; Reuter's, 8 1.16 th French Cables, 14.
Hooper's have been flat at I to 1 dis.: Silver's India
Rubber have marked 511, and Constructions, 261, 1.
There has not been much inquiry for miscellaneous
securities. Credit Fender of England have marked
2 9-16, 11-16 ; General Credit and Discount, 7 9-16, 1 ;
Hudson's Bay, 81; National Discount, 111.
The discount market has been fairly supplied with
capital The demand has been moderately active, and
three months' paper has been taken at 21, 21 per cent.
The Salsette from the East Indies has brought £28,900,
and the Caldora from Valparaiso £49,000. The Tanjore
takes out £167,600.
There have been no bullion operations at the bank to-

day.
The report of Lloyd's Banking Company, (Limited) to
be presented at Birmingham on the 9th inst, shews an
available total of £25,038, and recommends a dividend
at the rate of 121 per cent per annum, which will
absorb £19,035 ; and the appropriation of £5,000 to reserve
thus raised to £85,000, leaving £1,003 to be carrie:l
forward. At the corresponding date of last year the divi-
dend was at the rate of 10 per cent. per annum, and £5,000
was placed to reserve. The paid-up capital is £304,560,
and the deposits held are £2,549,161, an increase of
£58,283, during the past six months.
Subscriptions have been invited for 2,000,000 dollars
Consolidated Mortgage Seven per Cent. Currency Bonds,
of the Lake, Shore, and Michigan Southern Railway
Company, at a price to yield a little over 7 per cent.

LONDON STOCK EXC HANG E.- SAT URD AY.

LATEST PRICES.-AFTER OFFICIAL HOUlti.

The prices under the lines indicate the business done.

GOVERNMENT SECURITIES.

flume ver Cent Consols 919 92 Viet 6p c Jan &July 18 113 114
92, 19 DoApril &Oct 1883-85.9.1 112 113
Do for Account
92 Viet 5p 0 Jan & JulylB9l. 101 102
Three per Cent Reduced 92 929 1019
929, 2 Brazilian. 1865, 5p o .... 931 941
New 3 per Cent
92. 9 Egyptian 1862, 7pa .. .. 83 85
Exchequer Bills, March 10 15pm Do Rail Deben 7po .. 9911001
m Italian, 1865, 5 p a
Do. Jupne lO 15pin Peruvian. 1805. 5p a .... —B9l 901
13s, 108 Pm 899, 909
,dank Stock
242 ktussian. 1802. 5 p 0.. .. 841 851
India 5 per Cents
110, 9 Do Nicolas 4 p o
India Bonds ............ 679, 84
pm Spanish
Can 6pc Jan&JulylB77-84 104 105 30, 9
1044.: Turkish. 1854, 6p c 79 81
Do March & Sept. 104 106 791
Do 5p c Jan & July .. 98 99 Do. 1805, 5p a
989 42, 9, 19, 29
Do Inscribed Stook .. 97 99 Do, 1865 np c
Dom of Can 51, o 1903 .t 90 100 619, 9, 4
Ceylon 6 p c May and U. 5.5-20 ilonds,6 L, o 1882 909 901
November 1878 lO6 108 902, 9
Mauritius (p c Jan and Do do
July 1873 lO2 104 009
New S Wales 5 p clB7l-76 lOO 101 Do 10-4013nds, sw, 19(11 89 SI
New Zealand 6 p c 1891 lOB 110 899, 0
Do spc
1)o 5p 0 Consolidated 981 99. Illinois Central Shares .. 109 110
991, 9, 81 Atlantic and G II Con
1/o 6p c Mar &Sept 1891 100 In Mortgage Bond ds
Po June & I)ec 1891 108 110

1885 90 90',