The Sun.
London, England, 1870-11-17 00:00:00

ME; SUN, LONDON, THURSDAY, NOVEMBER 17, 1870.

SPORTING INTELLIGENCE.

THE EASTERN QUESTION.
Earl Granville has addressed to Sir A. Buchanan the
following circular in replyto the communication of Prince
Gortschakoff

SHREWSBURY RACES.-THIS. DAY.
(BIC ELECTRIC TELEGRAM.)
LONGNER STEEPLECHASE.

Foreign-office, Nov., 10, 1870.

Sir,—Baron Brunnow made to me yesterday
the communication respecting the Convention
between the Emperor of Russia and the Sultan,
limiting their naval forces in the Black Sea, signed
at Paris on the 30th of March, 1856, to which you
allude in your telegram of yesterday afternoon.
In my despatch of yesterday I gave you an account of
what passed between us, and I now propose to observe
upon Prince Gortschakoff's despatches of the 19th and
20th ult., communicated to me by the Russian Ambassa-
dor on that occasion. Prince Gortschakoff declares, on
the part of his Imperial Majesty, that the Treaty of
1856 has been infringed in various respects to the pre-
judice of Russia, and more especially in the case of
the Principalities against the explicit protest of his
representative, and that in consequence of these infrac-
tions, Russia is entitled to renounce those stipulations
of the treaty which directly touch her interests. It is
then announced that she will no longer be bound by the
treaties which restrict her rights of sovereignty in the
Black Sea. We have here an allegation that certain
facts have occurred which, in the judgment of Russia, are
at variance with certain stipulations of the treaty, and
the assumption is made that Russia, upon the strength
of her own judgment as to the character of those facts, is
entitled to release herself from certain other stipulations
of that instrument. This assumption is limited in its
practical application to some of the provisions of the
treaty, but the assumption of a right to renounce any one
of its terms involves the assumption of a right to
renounce the whole. This statement is wholly
independent of the reasonableness or unreasonableness,
on its own merits, of the desire of Russia to
be released from the observation of the stipulations of
the Treaty of 1856 respecting the Black Sea. Fox the
question is, in whose hand lies the power of releasing one
or more of the parties from all or any of these stipula-
tions. It has always been held that that right belongs
only to the Governments who have been parties to
the original instrument. The despatches of Prince
Gortschakoff
,appear to assume that any one of the
Powers who have signed the ergagement may allege
that occurrences have taken place which, in its opinion,
are at variance with the provisions of the treaty ; and,
although this view is not shared nor admittel by the co-
signatory Powers, may found upon that allegation, not a
request to those Governments for the consideration of the
case, but an announcement to them that it has emanci-
pated itself, or holds itself emancipated, from any
stipulations of the treaty which it thinks fit to
disapprove. Yet it is quite evident that the effect
of such doctrine, and of any proceeding which, with or
without avowal, is founded upon it, is to bring the entire
authority and efficacy of treaties under the discretionary
control of each of the Powers who may have signed them;
the result of which would be the entire de-
struction of ' treaties in their essence. For
whereas the whole object is to bind Powers
to one another, and for this purpose each one of
the parties surrenders a portion of its free agency, by the
doctrine and proceeding now in question, one of the
parties in its separate and individnal capacity brings
back the entire subject into its own control, and remains
bound only to itself. Accordingly, Prince Gortscha-
koff has announced in these despatches the intention of
Russia to continue to observe certain of the provisions
of the treaty. However satisfactory this may be in
itself, it is obviously an expression of the free
will of that Power which it might at any time alter or
withdraw ; and in this it is thus open to the same objec-
tions as the other portions of the communications, be-
cause it implies the right of Russia to annul the treaty on
the ground of allegations of which she constitutes herself
the only judge. The question, therefore, arises, not
whether any desire expressed by Russia ought to
be carefully examined in a friendly spirit by the
co-signatory Powers, but whether they are to
accept from her the announcement that, by her own act,
without any consent from them, she has released herself
from a solemn covenant. I need scarcely say that her
Majesty's Government have received this communication
with deep regret, because it opens a discussion which
might unsettle the cordial understanding it has been their
earnest endeavour to maintain with the Russian Empire,
and, for the above mentioned reasons, it is impos-
sible for her Majesty's Government to give any
sanction, on their part, to the course announced by Prince
Gortschakoff. If, instead of such a declaration, the
Russian Government had addressed her Majesty's
Government and the other Powers who are parties to the
Treaty of 1856, and had proposed for consideration with
them whether anything has occurred which could be
held to amount to an infraction of the Treaty, or whether
there is anything in the terms which, from altered
circumstances, presses with undue severity upon Russia
or which, in the course of events, had become un-
necessary for the due protection of Turkey, her
Majesty's Government would not have refused to
examine the question in concert with the co-
signatories to the treaty. Whatever might have
been the result of such communications, a risk
of future complications and a very dangerous precedent
AS to the validity of international obligations would have
been avoided.—l am, &c., (Signed) - GRANVILLE.
P.S.—You will read and give a copy of this despatch to
Prince Gortschakoff.

Souvenance
Bonaparte
Five ran.
SELLING HURDLE.

Leases
Spitfire
Wild Bee

...

Six ran.
HANDICAP HURDLE STAKES.
Standard Bearer
Wamba
Victress.

Three ran.
SELLING NURSERY.

Minette
Daisy Queen
Eliza
Four ran.
WELTER PLATE.

Masaniello . .
Cantate
Le0nide5.........

IFour ran.
COLUMN HANDICAP.

Moslem 1
Wild Flower .»
N ero
Ten ran.
CASTLE NURSERY.

Royknte .
Blenheim .•
King of Clubs/
Nine ran.
FORESTER PLATE.

Anton
Witchcraft
Mdllo. St. Igny....
Ten ran.
SHORTS SELLING STAKES.
Seringapatam • ••••
Sallie
Minytue •..
Seven ran.

THE MONEY MARKET.

• ••

CITY, Two o'CLocx.

The panic continues on the Stock Exchange. The rally
of yesterday has been more than lost, more particularly as
regards Turkish. There is a decline in Foreign Stocks, but
a sudden rise has just taken place in Spanish, upon a
report that in the Cortes last night D'Aosta was elected
King.
Consols are now 92 to 92k. Spanish of 1867 are 30i ;
and 1869, 30} ; Turkish Five per Cents., 40i ; Italian,
are lower, at 53i ; Egyptian, at 73 to 73j.
In the midst of the alarm from the faithless course of
Russia, it is necessary to remind the public who are now
hastily parting with their securities that, whilst it is still
uncertain if serious events will arise out of it, there can
on the other hand be no question that it must for the
present, not only by restricting trade, but by putting a
stop to the possibility of the introduction of any further
foreign loans, tend to increase greatly the prevalent
abundance in the money market. At the same time the
intense panic created on the Frankfort and other Gernian
Bourses must aggravate the strain of the war upon the
resources of Prussia, whose expenditure from the delay
before Paris is becoming day by day more enormous.
The amount of bar silver brought by the Nile has been
disposed of at 60 9-16 d., &hewing a fractional decline, the
export demand being not quite so active as of late.
Advices from Frankfort describe a violent relapse on
the Bourse in consequence of the statements current re-
garding the Russian circular, the disquiet created at
Vienna having caused large amounts of shares to be
thrown on the Frankfort market. Under these circum-
stances it must, it is argued, be evident that Germany
cannot abate her demands for material securities, since a
new proof has been furnished of the worthlessness of
treaty guarantees. All the principal cities of Germany,
it is said, seem still filled with soldiers, and drilling is
going on !at every corner, "so that no one coming
to the country would fancy there is such a
thing as a German army in France." Austrian
stocks and shares have experienced a ivery severe
fall, and nearly all other securities have suffered
proportionably. , Lombard shares are to some extent an
exception, owing to " the impression that the Austrian
Government does now insist on the separation of the two
systems, as stipulated by the treaties of peace with Italy,
a measure which is greatly in the interest of shareholders,
as the Austrian part of the line would then give a hand-
some dividend, while the Italian part will be thrown on
the State guarantee."
The voluntary liquidators of Hodge's Distillery Com-
pany (Limited) have made a first return of £2 10s. per
share to the shareholders.
The ordinary general meeting of the Oriental Gas
Company (Limited) is called for the 24th inst., and the
half-yearly meeting of the Scotish Australiau Investment
Company (Limited) far the 25th.

FRANCE AND THE RUSSIAN DECLA

RATION.

Writing from Tours on November 15th, the Times' cor-
respondent says :—I need hardly tell you that the event
of the day here is Russia's declaration, that she no longer
regards herself as bound by the Treaties of 1856. It was
published here only this afternoon, and the general
public has hardly yet had time to realise what
its possible consequences may be, but among
the limited number of persons who knew it
some hours sooner the excitement was great. M.
Thiers is in high glee, as may be supposeds
It is enough to make him forget all his recent fatigue.
and disappointments. Lucky France, it is said, to have
such a trump card turn up when her game seemed
almost irretrievably bad ! There is a tremendous stir
in diplomatic and official regions. Lord Lyons, Prince
Metternich, and M. Thiers were with Count Chandordy
this afternoon. The danger which, at the commence-
ment of the conflict, it was earnestly sought to guard
against, has become imminent four months after the
declaration of war. The duel is likely to become an
European contest. For although England's love for peace
is well known, no one supposes she will put up with
this slap in the face, particularly as she will be at no
loss for allies. There are Austria, Italy, and Turkey,
and probably even Spain, ready to join in. Her
game is good—so good that some fear she will only
have to show her teeth in earnest to put an end
to the audacious pretensions of St. Petersburg. We
wait with intense anxiety to learn the result of the
inquiry it is understood the English Government
has addressed to Versailles with respect to the exis-
tence of a secret Treaty between Russia and Prussia.
If Prussia has played that double game and means
to carry it through, things may go very hard with her.
France is not yet broken down, and the prospect of aid
from abroad would raise her spirits and give a de-
gree of confidence, which of itself would be worth an
army. The moment is, indeed, most interesting and
critical, and the correspondence between the British
Embassy at Tours and the Foreign Office is very frequent.
Two Queen's messengers have arrived since Friday
morning, and I hear that another is expected to-
morrow. One will leave for Calais to-morrow night.
The same correspondent on the following day remarks :
Nothing new has reached us with respect to the Russian
difficulty, which has suddenly assumed so important
a place in men's thoughts, and awakened hopes that
France may perhaps ' before long find allies. With
reference to this fresh complication, it was re-
ported this morning that M. Thiers was preparing
to start for London, but nothiug has since transpired
to confirm the rumour, and such a move at the present
time, and with the objects supposed, would mani-
festly be premature. A Queen's Messenger arrived
this morning with despatches for Lord Lyons,
and another is leaving this evening. Mr. Odo
Russell was met at Calais very early yesterday
morning on his way to Versailles, under the escort Of
Captain Robbins, and it is to be hoped they will suffer
no impediment or molestation from the freeshooters who
now seem to render the roads of Northern France
almost as dangerous for peaceful travellers as for warlike
Prussians.

FAILURE IN THE COTTON TRADE.—A. meeting
of creditors under the liquidation of Marrow, Threlf all,
and Co., of Queen's-buildings, Liverpool, cotton and
commission agents, was held on Monday. The liabilities,
which were chiefly in respect of differences in arrival of
cotton contracts, were stated at £3,782, and the assets are
of a doubtful character, being principally debts due from
defaulters in the cotton market with whom the debtors
had been dealing. A proposal to liquidate by arrange-
s meat was resolved upon by the creditors, and Mr. F.
Turner, cotton salesman to the principal creditor, and
Mr. Bolland, accountant, were chosen trustees.