The Sun.
London, England, 1870-10-13 00:00:00

THE GERMAN DEMAND FOR TERRITORY.

The Telegraph remarks that the German people wish to
secure a lasting peace ; they have made a gigantic effort in
the field of late, because they seek to prevent France from
ever again menacing their national existence. For that
reason, in the main, do they demand Alsace and Lorraine,
which, they contend, would provide their country
with effective barriers against the aggressions of their
neighbour. The reasoning is plausible, but it is utterly
and dangerously fallacious. If the coveted provinces were
forcibly wrested from France, such a calamity as the Ger-
mans seek to avert would be inevitable. Another and a
worse war between the two peoples would only be a.
question of time. Seeing the German flag flaunting over
territory which once belonged to France, Frenchmen
will be continually reminded of the bitterest humiliation
ever endured by a great people. They will
reflect that, when they began the war they were
unprepared to find their Government incapable, their ad-
ministrative system a mass of corruption, their Generals
incompetent, their soldiers have-fed, half-armed, half-
drilled. They will hold it to be a scarce duty to win btibk
the historic soil of France from the grasp of their
enemy. They will give a truce to their own political
enemies on the coming of the inevitable day when
they may strike without hope of success. The
hatred of Prussia will become a religious tenet—the
preparation to assail her a religious duty. Then
will educate their officers, drill their people,
cast cannon, fill their arsenals with breech-
loaders, bide their time, and then strike. The Ger-
mans have been declaring that France is a country
without Nirtue ; if so, they cannot expect us to measure
them by the standard of political morality which they
apply to their foe; and hence, when judging Germany,
we appeal to that higher law of morality which condemns
such an exercise of the conqueror's right as the
partition of Poland, and which, on similar grounds,
will condemn the forcible annexation of Alsace and Lor-

MONETARY REPORTS.-YESTERDAY.

4

The attention of jobbers has to-day been chiefly occu-
pied by the fortnightly settlement, and the dealings in all
classes of securities have been very much restricted.
Prices are without material change, but the tendency, if
anything, has been towards higher rates. Foreign bonds
have ruled inactive, but Peruvian stock is again higher.
Some few transactions have taken place in
North-Eastern Railway Consols, which have been
pressed for sale. Home stocks have been firm,
on the announcement that the purchases on
account of the sinking fund for the current quarter
will exceed one million sterling. The last price for money.
was 92i, 92k, and 92} for the November account. Re-
duced and New Three per Cents. left off at 91, 91;; Ex-
chequer bills, ris. to 10s. prem.; India Five per Cents.,
110 k, 110 f ; India Bonds 17s. to 225. prem.; Bank of Eng-
land stock, 232, 233.
Tho " making-up " prices to-day were as follows :

Metropolitan, 67 ; Caledonian, 77 ; Great Northern A.,
134; North-Eastern, 145 ; Midland, 1261 ; London and
North-Western, 1281 ; Great Western, 70 ; Dou Pedro
Mining, 2i prem. ; Tanquaril, 11 prem. ; Peruvian
Bonds, 881 ; Egyptian (1868), 761; Mexican, 1441 ; Turk-
ish Five per Cents., 43; ditto Six per Cent& (1869), 501;
Italian, 541 ; Spanish (1867), 28 ; ditto (1869), 271 ;
Lombardo-Venetian, 14; Anglo-American Telegraph,
173 ; Telegraph Construction, 26.
The North-Eastern Railway traffic return chews an in-
crease of 47,850 ; the Midland of £7,672 ; and the London
and North-Western of £7,672.
The fluctuations in Home Railway Stocks have been
neither numerous nor important. Caledonian is 1 better,
at 77, 771; and South-Eastern 1, at 73k, 731; Great-
Eastern has declined 1, and Loudon and Brighton k, the
last quotations being 37ff, 37k, and 411, 411 respectively.
North-Eastern Consols were ti lower, at 1451,1458.
Erie Railway shares left off at 17i to 181, and Illinois
Central at 1091 to 1101, the latter skewing a rise of 1.
Lombardo-Venetian were unchanged, at 141 to 14a.
The Foreign Market generally has ruled quiet, and
scarcely any movement has been perceptible in prices.
This department has now remained in a most inactive state
for some weeks past, but the want of animation was never
more apparent than at the present time. Egyptian of
1868 and Mexican skew a fall of 1, but Peruvian are /
better. Otherwise no change has taken place in the quo-
tations.

Five-Twenty Bonds have maintained late rates, the
1862 issue being quoted at 91k, 91k, and the 1865 at soi,
904. State Loans are unaltered.

There is still an abundant supply of capital in the open
market, and the amount of commercial paper afloat is
limited. Good short dated bills have been discounted to.
day at 2i per cent., with occasional transactions at 2*.
Tho bullion transactions at the Bank of England to-day
consisted of the receipt of £67,000 bar gold.
The Neva from the West Indies has brought £90,600, in
specie. The Cambria has taken out £37,000 to the Cape
of Good Hope.
At a meeting of the shareholders of the Great Western
Railway Company of Canada, a dividend at the rate of 4
per cent per annum was agreed to.

The directors of the Royal Mail Steam Packet Com-
pany, have declared a dividend and bonus, equal to £3 per
share, for the half-year ended June last.

At tho meeting of the Great Luxemburg Railway Com-
pany it was stated that the traffic receipts for the half-
year had amounted to £185,322, and the working expenses
to £90,048, being an increase of 2 per cent. as compared
with the expenses for the same half of 1869. A resolution
was passed recommending a dividend of 10s. per share on
the preference and ss. per share on the ordinary shares
for the half-year, both payable on the 21st inst.

The Commissioners for the Reduction of the National
Debt have given notice that the sum of .21,308,405 11s.
sd.—being one-fourth sum of the surplus of £5,233,600 ss.
Bd.—will be applied, under the provisions of the Acts 29
and 30 Victoria, towards the reduction of the National
Debt in the quarter ending December 31, 1870.
The traffic return of the London and Brighton Railway
shews an increase over the corresponding week of last year
of £1,705 ; that- of the North-Eastern an increase of
£7,850 ; and the Midland an increase of £7,672.

LONDON STOCK EXCHANGE.-WEDNESDAY.

LATEST PRICES.-AFTER OFFICI A HOURS.

The prices under the lines indicate the busiao.ss doae.

GOVERNMENT SECURITIES.

Three per Cent Consols 925 92i Viet 5p o Jau & July 1891 102 103
921, 5, 5 1021
Do for Account
921 90, 5. 90,
Three per Cent Reduced 91 911 Egyptian 1862,t7 po .. .. 81 83
911, 4 Do Rail Deben 7 p .. 98 100
New 3 per Cent
915, 1, 1 Peruvian, 1865, 5 p c
Exchequer Bilis, March 5 10 pm 89, 85, 90, 891. 5
Do, June
pm
pm 510 Portuguese 1869 3 p 0.. 285 295
284, ix
pm Russian, 1862, 5 p a.. .. 88 89
Bank Stock - - 885, 9
2331, 25 Do Nicolas 4p a
India 5 per Cents - - 69
1105, ft i Spanish. 1867. 3pa
India Bonds - - 281, 73, 85
pm Do, 1869,3 n o
Can 6v o Jan&Julyll77-84 10511061 275, f
106, 1 Turkish, 1351, 6p o Bl 83
Do March & Sept. 103 105 Do, 1805. 50 0
Do 6p a Jan & July .. 98 99 425, 3. 25
Do Inscribed Stook .. 97 99 Do, 1865. 6p a
Dom of Can 5p c 1903 .. 96 98 625, 5, 5
Ceylon 6 p o May and U.S. 5-20 Bonds, 8p o 1883 911 911
November 1878 lO7 109 915, 3, 1
Mauritius 6p c Jan and Do do 1885 991 9)5
July 1873 , lO3 105 905, 5
New 8 Wales 5p 01371-76 101 102 Do 1040R:ids, spo 1901 851 88
New Zealand I) p c 1891 lO6 109 855
Do 5p o - -
Do 5p c Consolidated 975 981 Illinois Central Shares .. 10911101
1)o 6p o Mar &Sept 1891 105 107 Atlantic and UW R Con
Do June & Dec 1891 101 110 Mortgage Bonds 285 295
Viet Gpc Jan &July 1891 113 115 284
I)oApril &0ct188.3-85. , 110 111
1104, 5