The Sun.
London, England, 1870-08-17 00:00:00

THE SUN, LONDON, WEDNESDAY EN ING, AUGUST 17, 1870.

FHE MONEY MARKET

AN!)

COMMERCIAL INTELLIGENCE.

CITY, Two o'CLocx.
Tha Discount Market is without the slightest movement
in the way of demand, and rates continue nominal Stock
Markets are steady. Railways quiet but firm.
Consols are now 911,- to 911 for money, and 94 to

911 for account ; Three per ,Cent. Reduced, 914 to 911 ;
New Three per Cents., 914 to 911 ; India Five per
Cents., 1092 to 1104 ; ditto Four per Cents., 1004 ;
Metropolitan Board of Works, 34 per Cent. Stock, 924 to
924.
In the Foreign Market Brazilian Bonds of 1865 are
914 ; Egyptian Seven per Cents. of 1864, 83 to 85; ditto
of 1868, 744 to 73/ ; Spanish of 1867, 26 to 264 ; ditto of
1869, 264 to 26 ; ditto Quicksilver, 71 to 73 ; Peru-
vian, 86 to 854; Turkish• Five per Cents. of 1865, 42 to 431-;
ditto of 1869, 56 to 574 ; and Five per Cent. Italian of
1865, 77 to 82.
The Railway Market—Metropolitan are 64 ; Great
I Eastern 344 to 344 ; London and Brighton, 374 to 884 ;
Caledonian, 734 to 74; South-Eastern, 694; Manchester,
Sheffield, and Lincolnshire, 411 ; Great Northern, 117 to
119 ; ditto (A), 126 ; North Eastern, 1394 ; London
and North-Western, 1264 ; Midland, 1264 ; Lancashire
and Yorkshire, 1294 ; Great Western, 664.
Canada Six _ per Cents. are quoted 1054 ; New
South Wales Five per Cents., 101 to 160,1 ; New
Zealand Five per Cents., 984 to 991 ; Queensland, 1074 ;
VictorialFive per Cents., 1004; and ditto Six per Cents.,
1124.
In Bank shares Alliance are quoted 13 to 14 ; Anglo-
Austrian, 18 premium ; Chartered Mercantile, 27 ;
Consolidated, 4 4prem ; Imperial Ottoman, 112 1 ; London
and County, 47 49 ; London and Westminster, 60; Lon-
don Joint Stock, 34 ; and Union of London, 35 37.
Anglo Mediterranean, are 131 ; British Indian Exten-
sion 64 to 64 ; Falmouth, 92 to 94 ; British Indian
Submarine, 7f.
In Miscellaneous Shares Berlin Water Works are quoted
14 ; Viceroy of Egypt 7 per cent. Mortgage Loan, 76 ;
National Discount Company, 11; and Peninsular and
Oriental Steam, 41.
In the Stock Exchange it is difficult to obtain even 24
per cent. for advances on Government securities, and in
the discount market the terms for the best three months
bills do not exceed 34 or 32.
The sum of £76,000 in gold, including 60,000 sovereigns
from Alexandria, was taken to the Bank yesterday, and
4,000 was withdrawn for the Continent.

The premium on gold at Paris has receded to about 4 or
1 per cent,, large amounts of United States' Bonds having
been sent to London, where they have been bought
partly for investment and partly for transmission to New
York.

Paris advices tend to confirm the impression that for a

long time past the Emperor has been grossly deceived
with regard to the condition of the war establishments of
the country, and that much of the money lavished upon
them has been corruptly squandered. It is believed in
like manner he has been' systematically misled by the
reports of interested and well-paid agents as to a desire on
the part of Bavaria, Hanover, Saxony, &c., to avail
themselves of French aid to shake off the supremacy of
Prussia. The new loan, based on the credit of the 40
millions sterling just voted by the Chambers, is expected
to be introduced almost immediately at the price of 62.
The advices from Buenos Ayres by the present mail
state that the preparations for the Argentine National
Exhibition at the city of Cordova were in active progress.
The building was approaching completion, and the tram-
way to connect it with the railway station has been com-
menced. The sum of £lOO,OOO has just been paid by the
Argentine Government to Brazil, being the balance of
the loan of 1867 due to that country in connection with
the Paraguayan war. Immigration continued on a full
scale. The number of colonists already settled on the
lands of the Central Argentine Railway (Rosario to Cor-
dova) is more than 3,000, and there were fresh arrivals
almost daily. The tramways in the city of Buenos Ayres
had experienced great success, and had caused an amount
of building speculation in the suburbs beyond the available
supply of labour. Argentine Interior Bonds had touched
70, but on the receipt of news from the Province of Entre
Rios that the rebel General Jordan, the instigator of the
assassination of General Urquiza, was still at the head of
about 2,000 men, and had succeeded in sacking the city of
Concepcion del Uruguay, the capital of the province, a
relapse had occurred to 68. Several important railway
proposals, involving prospective loans of magnitude, were
under discussion in Congress, but in each case the outlay
would be spread over a number of years.
At a meeting of the Natal and Colonisation Company
(Limited) the directors' report was adopted. An extra-
ordinary meeting also took place, when it was resolved to
increase the capital by the creation of 10,000 preference
shares of £5 each, bearing interest at the rate of 8 per
cent. per annum.

The half-yearly meeting of the London General Om-
nibus Company (Limited) will be held on the 6th of
September, to declare a dividend. An extraordinary
meeting is also convened for the same day, when a resolu-
tion will be proposed in favour of an alteration in the ar-
ticles of association.

The half-yearly meetings of the Liverpool Tramways
and North Metropolitan Tramways Companies will be
held on the 31st inst.

The Spanish Legation invites tenders for the manufac-
ture and submersion of a telegraphic submarine cable be-
tween Manilla and Hong Kong, or other places on the
main lines.

MARKETS.-THIS DAY..

MARK-LANE.

Although the market was fairly attended to-day, the
grain trade ruled quiet, and Monday's reduced quotations
were with difficulty supported. The supply of both new
and old English wheat was limited, while the arrivals
from abroad were tolerably good. The inquiry for all
descriptions was inactive, at barley late rates. Barley
was in scanty supply, nevertheless it was fully adequate
to the demand, which was slow at about previous curren-
cies. Malt was dull on former terms. Oats, the supply
of which was large, experienced a slow sale at scarcely
Monday's prices. Beans and peas were in moderate
supply. The trade ruled dull, and the tendency of prices
was drooping. There was a steady demand for barrel
flour, which was chiefly for French requirements, it being
the most easy for transport, consequently prices were well
maintainer ; otherwise the trade was quiet.

furniture for £lOO, and ante-dated several days, so that
the bill of sale was introduced to the Sheriff, who had to
withdraw. Thus the prosecution alleged that the prisoner
had committed the forgery and fraud, and had sworn an
affidavit in the Court of Exchequer in which he alleged
that the money was paid to Wakeford for the considera-
tion under the bill of sale, whereas the prosecution alleged
and Wakeford swore he never received one halfpenny,
and further that in that affidavit he swore the bill of sale
was given on the 22nd of January instead of
the 9th of February. It appeared that £25
was taken as interest, that England paid £6O
to Messrs. Bartholomew, and that Wakeford
gave a receipt for £l3, which he alleged he never
received. Wakeford afterwards sold the furniture
to Mr. Cooper, of Walham-green, for £52, and England
brought an action against Cooper, recovering £75 and
costs. A new trial will be asked for, Cooper alleging that
England kept Wakeford out of the way at the trial and
so obtained the verdict. Wakeford has since been com-
mitted for trial with Lovett for defrauding Mr. Cooper,
and was brought up on Habeas Corpus and examined,
but the evidence for the prosecution, though not shaken,
was very weak. The further hearing of the case was ad-
journed for a week, his own bail in £lOO being taken for
England, and £5O for Batson.

THE FRENCH FLEET IN THE NORTH SEA.
The steamer Grimsby has arrived. She left Hamburg
on Sunday afternoon, and passed through ships laden with
stone and sand for the purpose of blocking the channel.
In the evening :she cast anbhor, as torpedoes have
been laid down in the Elbe, right and left. She
weighed anchor on Monday, and passed some Prussian
gunboats with steam up. Shortly afterwards she passed
another Prussian gunboat cruising, with marines on her
deck and her topmasts down. The Grimsby saw the
French fleet at anchor. It comprised six ironclads, a fri-
gate, and a gunboat. They had all their steam up and
their topmasts down, and were lying six miles S.E. of
Heligoland. The French fleet had a prize steamer with
them. She appeared to be coal laden. The Grimsby
next saw a large iron-clad ram chasing a small steamer,
and she noticed a barge and a brig at anchor. They are
supposed to have been prizes. A French ram passed eh se
to the Grimsby and saluted her, the salute being returned.

Tins MORNING'S NEWS

(CENTRAL PRESS TELEGRAMS.)

THE QUEEN EN ROUTE FOR SCOTLAND.

Her Majesty the Queen, accompanied by the Royal
Family, arrived at Windsor from Osborne last evening at
ten minutes to seven. She slept last night at the
Castle, and proceeds to Scotland this evening,

DUNVILLE and Co., Belfast, are the largest holders
of whisky in the world. Their Old Irish Whisky is r ommended
by the medical profession in preference to French brand+•. Sup-
plied in casks and cases for home use or exportation. Quotations
on application to Messrs DUNVILLE & Co., Royal Irish Dis-
tilleries, Belfast ; or at thei London Offices, 4, Beaufort Buildings
Strand, W.O.

THE BELGIAN CONVENTION.

A note, of which the following is a translation, has been
addressed by Baron Beaulieu, Belgian Minister in London,
to Earl Granville :

"Belgian Legation, London, August 12, 1870.

"My Lord,—Her Britannic Majesty's Minister at
Brussels, Mr. Lumley, has, in compliance with the in-
structions with which you had been good enough to furnish
him, communicated confidentially to Baron D'Anethan,
Minister for Foreign Affairs, the draft of an identic treaty
to be concluded by Great Britain with Prussia and
France, to record by a solemn act, on the occasion of the
war which has broken out, Cleir firm determination to
maintain 'the independence and neutrality Of Belgium. I
am instructed, my Lord, to thank your excellency for this
communication which Baron d'Anethan has received with
special interest, and to express, at the same time, the
profound gratitude with which the Government of the
King is penetrated for this new and strong evidence of
the lively solicitude of her Britinnic Majesty's Govern-
ment. In acquitting myself of this agreeable task, I
seize, Sto-,

(Signed)

" 13KAULTET,T."

ENGLAND'S NEUTRALITY.

The fallowing extracts are taken from a circular ad-
dressed by Earl Granville to her Majesty's diplomatic and
consular representatives in Germany
" Foreign-office, August 11, 1870.

"Her Majesty's Government have learnt with much regret
that an impression exists in Germany that Great Britain is
deviating from the attitude of neutrality which she has an-
nounced her resolution to observe,by giving France facilities
for obtaining certain articles useful to her for war purposes,
such as munitions of war, horses, and coal, while such
facilities are not accorded in an equal degree to the allied
German States. It is not unnatural that in a moment of
excitement like the present the German people should
be more than ordinarily sensitive in watching the atti-
tude of nations which are taking no part in the
struggle ; and it cannot be wondered at that
they should somewhat hastily condtann, as
breaches of neutrality, proceedings which, at a
calmer season, they would not hesitate to pronounce,
with that impartiality of judgment for which they are dis-
tinguished, to be strictly in accordance with the usages of
international law and comity.
"The steps taken by her Majesty's Government have
been strictly in accordance with precedent and with the
principles by which neutral nations, including Prussia
herself, have been guided in recent wars. But it
now appears to be wished that Great Britain should
go further; and that she should not only enjoin
upon British subjects the obligations of neutrality,
but that she should take it upon herself to
enforce those obligations in a manner and to an extent
wholly unusual.
"It requires but little consideration to be convinced that
this is a task which a neutral power can hardly be called
upon to perform. Different nations take different views at
different times as to what articles are to be ranked as contra-
band of war, and no general decision has been come to on the
subject. Strong remonstrances, for instance, are made
against the export of coal to France ; but it has been
held by Prussian authors of high reputation that coal is
not contraband, and that no one Power, either neutral or
belligerent, can pronounce it to be so. But, even if this
point were clearly defined, it is beyond dispute that the
contraband character would depend upon the destination;
the neutral Power could hardly be ntlled upon to prevent
the exportation of such cargoes to a neutral port; and, if this
be theca3e , how could it be decided, at the time of departure
of a vessel, whether the alleged neutral destination were
real or colourable? The question of the destination of the
cargo must be decided in the prize court of a belligerent,
and Prussia could hardly seriously propose to hold the
British Government responsible whenever a British ship
carrying a contraband cargo should be captured while
attempting to enter a French port.
" During the Crimean war arms and munitions were
freely exported from Prussia to Russia, and arms of
Belgian manufacture found their way to the same quarter
through Prussian territory, in spite of a decree Issued by
the Prussian Government prohibiting the transport of
arms ooming from foreign states. Reflection upon these
points may make the German nation inclined to take a
}uster view of the position now occupied by her Majesty's
Government.

" It is not irrelevant to this matter to quote the views
recently expressed to a Foreign Minister at Washington by
the Secretary of State of the United States respecting the
duties of neutrals in regard to trade in articles coati aband of
war. He is reported to have said that arms and ammu-
nition had always been considered to be articles of legiti-
mate commerce by neutrals during war, and that the
United States claimed the right to supply them to all
belligerents without distinction, adding that during the
civil war in America quantities of these articles had been
bought from Eugland, France, and Belgium.
(Signed) GRANVILLE.

THE WAR AND AMERICAN INTERESTS.
The war in Europe has been looked upon by many as
furnishing the United States an opportunity for the re-
covery of her lost maritime rank. The opportunity, how-
ever, according to the free-trade theorists, has been hope-
lessly lost, by the failure of Congress to authorize
the transfer of foreign merchant-marine to our flag.
While readily comprehending how our commerce may be
benefited by the withdrawal of French and Prussian ton-
nage from competition in the carrying trade, we fail to see
how the measure alluded to would be likely to work to
our advantage. We fail to see it because at the
present time with our tonnage so much smaller
than in the prosperous days of the past we have yet
more than we can find profitable employment for.
Many are disposed to think that the immense gain
which was made by British tonnage during our own war
through the purchase of vessels from the United States
was a serious misfortune to us as a maritime country,
entailing a severe loss upon individual shipowners, which
should now be compensated for by allowing them to
purchase ships abroad. But on a re view of
the whole ground, it may well be doubted
whether the almost enforced transfer of so large
a part of our tonnage to foreigners was an unmixed
evil. It was disposed of generally at good prices and at
a time when we had really no use for it. And we doubt
if any shipowner who took that course has since regarded
his action as unfortunate. The country certainly has no
reason to complain at the exchange of unproductive and
deteriorating property into gold ; and when we recollect
how depressed the shipping interest was at the close of
the war, and has been since that time, and how much
worse our position must have been if the vast amount of
transferred tonnage had been left idle upon our hands,
we may almost congratulate ourselves upon the fact that
the favourable opportunity WM so freely availed Of.
Until, therefore, the desirable consummation shall have
been reached when freighting shall be profitable, and our
ships occupied, to what good end should we hasten to
enlarge our marine from foreign sources ? The actual
withdrawal,—if it should come to that,—of the 611,000
tons of the Prussian vessels and the 96,000 tons of the
French vessels, which cleared at our ports last year,
would be very likely to affect our own shipping favourably,
as that source of competition will then have disappeared ;
but should we at once absorb it under our own flag it is
difficult to see wherein the advantage to our present
shipping interest would be likely to accrue. It may be
said that the cheapness of the vessels which might
be procured under the present circumstances would
enable us to sail them at a greater profit, but that
consideration, while ignoring the interests of the tonnage
already owned in the country, is not peculiar to the state
of war under which the change in our laws is especially
urged, but might even better have been urged in
time of peace, when those vessels were more
really our competitors in the business of the
world. The settled policy of the country, however,
has long been in favour of encouraging our own
shipbuilders, at least to the extent of excluding foreign
vessels from the benefit of our flag, and the present war
certainly adds no strength to the reasons for a change.
Our shipbuilding interest needs greater encouragement
rather than total extinction, and it would be better and
doubtless more for the true interests of the country to
remit all taxes upon it, and even to grant adequate
subsidies, than to suffer it to die out entirely. The latter
course would not only deprive the country of the taxes
now imposed upon the materials which are used in
the business of shipbuilding, but would sweep away
a vast and important industry which no country
could afford to spare. Why should the pro•
duct of foreign capital and labour be allowed admis-
sion into the country, without the payment of taxes
or contributing anything to the support of the Go-
vernment, while our own capital and labour are
weighed down by taxes in every direction ? If
foreigners are to be allowed to compete with us
in our own markets, our own artisans should at
least be placed on an equal footing with them,
and when that shall have been done, no further
favours will be asked from the Government. The present
war, if continued, will doubtless have an important
bearing upon our maritime interests, and if it shall be the
means of fully employing our present tonnage, we doubt
not that our shipbuilders will see to it that our commerce
does not suffer for want of vessels.—Boston Advertiser.

WORKMEN'S INTERNATIONAL EXHIBITION. The
number of visitors yesterday was 8,963.
INTERNATIONAL EXHIBITION OF 1871.—We are
requested by her Majesty's Commissioners to state, that
there is no foundation for the rumour that the Inter-
national Exhibition appointed for 1871 is to be postponed
by reason of the war. The first of the series of Annual
International Exhibitions of selected works of Fine and
Industrial Art and Scientific Inventions will take place
next year, as already announced.

ADVENTURES IN STRASBOURG.

Some lively adventures were experienced at Strasbourg
by "W. N.," who details his doings in a letter to a con-
temporary :—" The Prussians, after the battles of Weis-
senburg and of Woerth,had full possession of the railways,
and cut off all communication from Strasbourg on that
side. They had driven the main portion of MacMahon's
army towards Saverne, and Strasbourg was left to its fate,
with only a few men in the citadel to man 500 guns.
The excitement in the town gave way to despair. Orders
were issued to blow up the railway bridge on the petite
Rhine' between the Kehl bridge, partially destroyed, and
Strasbourg. All strangers were to quit the town in
twenty-four hours, and, of course, I was included in that
order. But where were we to go? All communications
from without were cut off, and surely they were
not going to turn us out of the gates upon our
own resources ? Again I went to the Prefecture
and asked whether any communication was open.
The answer was `No,' but that I might stay for a few
days longer, if I kept in the hotel. Of course I promised
to do so, and went to the hotel keeper, telling him I
might be allowed to stay until communication was open.
He looked glum, and I asked if he objected. He said, No,
but that the town had only three days' provisions for 84,000
inhabitants, and that I must not expect him to provide
me with breakfast or dinner Here was a difficulty I
never calculated upon. I went over to the chemist's,
and asked him to give me a pot of Liebig's extract of
meat, so that, with biscuits, I could keep body and soul
together until I was released; but the unfeeling man
laughed, and said he had been sold out of that article' at
least three weeks ago, and that I had come a little too
late ! This was upon Monday, August 8. I returned to
my hotel chop-fallen ! However, they managed to give
me a dinner that day, to which I did more than full jus-
tice. After dinner my digestion was impaired by the
maitre d'hôtel's coming up behind me, tapping me with his
fat fore-finger on my shoulder, and saying with a deep
voice, Le Pruzzians are at ze doorr.' I turned round
for better and fuller information, when he pointed to
three general officers slowly walking up the street, and
said that these were the Parliamentaires ' appointed to
parley' with a party of Bavarian cavalry outside with
regard to giving up the city. The suspense of an hour on
that Monday evening was dreadful to every one : but when
the answer No ' was given—that the city would not be
given up—it was differently received from what I had ex-
pected. To tell you the truth, the Strasburgers don't
like to have their houses knocked about their ears, either
for King, Emperor, or Kaiser ; and they were rather dis-
appointed than otherwise that the place was not given up.
It appears that the Parliamentaires could not swallow
everything that these bold Bavarian troopers wished to
cram down their throats ; namely, that 40,000 men and
100 guns were within an hour of the city—which they knew
to be defenceless—ready to bombard it, and
that, in order to spare the inhabitants the
horrors of a siege, the place should be given up
to the said troopers at once. The gallant
Generals sent an officer with good eyes and a first-rate
glass to the top of the cathedral to look for the ' 40,000
men and the 100 guns,' which the officer signalled
Nowhere.' So the troopers were warned to evade,
or the guns would fire upon them in five minutes.
Troopers exeunt.' This little episode, however, did
not lessen the apprehension of a bombardment
during the night. People were wringing their hands,
and pulling their beards, and crying like the big babies
that they really were. The night passed over calmly,
no Prussians to be seen ; in the morning our spirits re-
vived, and so did my appetite—but where was my break-
fast ? In descending the stairs, full of that mo-
mentous question,' I stumbled over a small Swiss
waiter, who told me in breathless haste that a train
would start for Mulhouse at ten that morning,
and that they were all going waiters, cooks,
chambermaids, everybody—to Bale. I re-ascended the
stairs two steps at a time, crammed all my things
higgledy-piggledy in my carpet-bag, and in five minutes I
was to be found paying my bill, with a hunch of dry bread
in my hand, which the landlord had most liberally handed
to each departing guest. I soon turned my back on the
hotel, and went to the station with a troop of runaways.'