The Sun.
London, England, 1870-12-22 00:00:00

THE GERMAN EMPIRE.

What have we to expect, asks the Daily News, from Kaiser
Wilhelm? There are some who fear—and the incautious
confessions of enthusiastic German professors give them
some reason—that the new Empire will be Prussianised
and rendered warlike to a dangerous degree. It cannot
be doubted that there are tempting provinces on
almost every hand which Germany would like ;
and the Empire will be furnished with many a
pretext which Prussia wants. One of the most audacious
acts of the First Napoleon w s to inform the Pope that
he, Napoleon, had the right to annex those territories
which Charlemagne had given to) the Bishops of Rome
as fiefs. Instead of ruling these lands well and peace-
ably, he remarked, the Bishops and Popes had teen
constantly stirring up quarrels ; and so Napoleon,
acting for his predecessor Charlemagne, imme-
diately seized the Papal territories, and left Rome
a free city. The Pope excommunicated him, but be did
not seem much the worse. If the Empire which is now to
be should become unscrupulous and warlike, it will not
lack excuses for annexation ; and if the threat of annex-
ing a certain province should induce a certain kingdom—
possessing a convenient seaboard—to join the Empire,
no one could say that such an arrangement was not
foreshadowed. However, we would fain hope fur
better things. Kaiser Wilhelm cannot always occupy
the Imperial Throne ; and there are rapidly growing aad
widening in Germany influenees which the feudalism of
the Hohenzollern Muse will find it difficult to withstand.
Should it be given to the present King to set the Empire
going► we need not grudge, him his,tomporary occupation
of tho

MONETARY REPORTS,-YESTERDAY.

There has been an absence of any important feature in
the Stock Exchange to-day. Business has again been of
a very moderate character, and realisations have occa-
sionally weakened values, but the alterations have not'
been of an important nature. As regards Railway Stocks,
Caledonian have been firm, but Great Northern A,
North-Eastern, North-Western, and Great Western have
been lower in value. The Foreign Bond market has been
in a quiet state. For Home Government Securities there has
been but little inquiry. Consols have been flat at 91;, 98;4 ex
div. for delivery, and 91, 911 ex div for January. Reduced
and New Three per Cents., 91/, 91f ; Bank Stock, 231, 233 ;
Exchequer Bills, 10s. to 15s. prem. ; India Five per
Cents., 110, 1101 ex div. ; and India Bonds, 225., 275.
prem. In Colonial Government Securities the transac-
tions have been limited, at about late rates.
The market for English Railway Stocks has been with-
out material change. Caledonian has been / higher, at
861, 87 ; but Great Northern A, at 1331,1332, and North
Western, at 127}, 128} have been 1 lower ; whilst North
Eastern, 144, 1441 ; and Great Western, at 701, 70, shew
a decline of 1 and }Metropolitan, at 624, 631; Brighton,
404, 41} ; South Eastern at 741, 742 ; Great Eastern at
39, 391; and Midland at to 1281, 1281.
For Indian railway stocks the demand has been inactive.
East Indian, 1101 ; and Scinde, 103. Canadian shares have
sold slowly. Great Western have been better at 141, 15 ;
There has been very little inquiry for foreign shares.
Great Luxemburg, 111 ; San Paulo, 201, 211.
The foreign bond market has been characterised by
much quietness, and prices have been without quotable
change. Egyptian 1868 are quoted at 771, 78 ; Italian
1861, 551, 55/ ; Spanish 1867, 311, 31/ ; ditto, 1869, 311,
31/ ; Peruvian 1865, 931, 931 ; Turkish Five per Cents.,
441, 44/ ; ditto, 1869, 501, 50 ; Mexican, 132, 14 ;
French Scrip, 1 dis. to / prem. ; and the North German
Loan, to I prem.
Bank shares have been dull. Imperial Ottoman, 12 ;
London and Couuty, 50.
In telegraph shares next to nothing has been doing.
British-Indian Submarine, 62, 13-16 ; Falmouths, 91;
Great Northern, 11/ ; and French Cables, 131, 1.
Miscellaneous securities have been quietly dealt in.
Commercial Union Assurance, 82 ; Fore-street Ware-
house, 201 ; National Discount, 111, 1.
The traffic receipts of the North-Eastern Railway shew
an increase of £1,639 ; Midland, an increase of £4,240 ;
North-Western, an increase of £3,720 , and Caledonian,
an increase of £3,013.
The directors of the National Provincial Bank of
England have again voted a bonus of 10 per cent. to all
their officers and clerks on the salaries for the present
year.
At Mark lane to-day wheat sold quietly at about late
rates.

The Manchester Guardian announces the failure of
Messrs. Higson, West, and Co., India and China traders.
The liabilities are believed to exceed £200,000, of which
about £BO,OOO are unsecured. Of these latter about
£30,000 are said to fall upon Manchester, but to be pretty
widely distributed.
No bullion operations have taken place at the Bank
to-day.
Biddings for £400,000 in bills on India have taken place
at the Bank. The amounts allotted have been—To Cal-
cutta £300,000, and to Bombay £lOO,OOO. The minimum
price was fixed at is. 10d. Tenders on Calcutta at ls.
will receive 36, and on Bombay at the same price, 90 per
cent.
The discount market has been fairly supplied with capi-
tal. There has been only a moderate inquiry for accom-
modation, and three months' paper is still taken at 2i
per cent.
The City of Washington, from New York has brought
£87,641 in specie.
The Celt from the Cape has brought diamonds to the
vale of £50,000.
The clearing-house will be closed on Monday next at
1.30 o'clock.
The directors of John Brown and Co. (Limited), Atlas
Works, Sheffield, have announced an interim dividend of
£2 per share.

LONDON STOOK EXCHANGE.- WEDNESDAY

LATEST PRICES.-AFTER OFFICIAL HOURS.
The prices under the lines indicate the business done.

GOVERNMENT SECURITIES.

Three per Cent Consols 911 911 Viet 6p c Jan &July 1891 113 117
94, I. 1. 1x d DoApril &Oct 1883-85.. 111 112 '
Do for Account
912 x d Viet 5p o Jan & JulylB94. 10311041
Three per Cent Reduced 911 911 104, 1, 31, 41
912, 1 Brazilian. 1865, 50 o .... 921 ni
New 3 per Cent
911. 4 Egyptian 1862. 7po .. .. 80• S.
Exchequer Bills. March 10 15pin Do Rill Deben 7po .. 101 103
14s pm 101/
Do, June lO 15pm Italian, 1865. 5p a p —
pm Peruvian. 1865, 5 o
Bank Stock
231, 21 Portuguese 1869 3po .. 311 321
India 5 per Cents
114 4, lit d 84 4
India Bonds — Do Nicolas 4p 0
Jm 681
Can 6pc an&Julyll77-84 105 106 Stxtuleb. 1867. 3Pc
1051, 6 311, 1
Do March & Sept. 103 105 Do, 1869. 3p c
Do 5p c Jan & July .. 90 10J 311,
994. 1 Turkish. 1854, 6p o 7B 80
Do Inscribed Stock .. 99 100 Do, 1865. 5p o
Dom of Can 5p c 1903 .. 97 99 441, 1
Ceylon 6 p o May and Do, 1865 6p c
November 1878 lO6 108 621, 1
Mauritius 6p e Jan and • U. 5.5-20 Bonds,6 9 0 1883 881 881
July 1873 lO3 105 881. I, 9
New SW ales 5 p 01871-76 10111021 Do do 1885 881 881
102 881
New Zealand 6 p 01891 lO9 111 Do 10-40 Bnds, spo 1934 871 871
Do spo
Do 5p o Consolidated 991 1001 ErieSha, 100 dols, all paid
1004. 100, 4 Illinois Central Shares .. 11111121
Do 8 p cMar & Sept 1891 107 109 1111 1
Do June & Deo 1891 106 108 Atlantic and GI W
AR Con
107 Mortgage Bon