The Sun.
London, England, 1869-12-14 00:00:00

India Stock, 10f per Cent., April, 1874, shut

ditto 5 per Cent., July, 1880, 111 a ; ditto 4
per Cent., Oct., 1888, 100,1 ; ditto Enfaced Paper,
5.1 per Cent., —; ditto Bonds X. 1,000, 25.
In the Foreign Market the Turkish Five per
Cent. L-tan is 44i to 4.11 ; the Six per Cents.
(1865), 654 to 66/ ; ditto (1862), 66i to 67
ditto (1858), 64 to 65; Spanish, 274 to 27i ;
55i to 551 ; Egyptian (1868), 78e to 78/ ; ditto
(1864), 87 to 88 ; Peruvian, 834 to 84f ; and Ar-
gentine, 851 to 864.

In the Railway Market business is quiet. Great.
Eastern is 384 to 381, being an advance of
Great Western is also I better, at 56 to 564 ;
London and North Western, 1221 to 1221; Mid-
land, 1201 to 1201 ; Lancashire and Yorkshire,
126} to 1274 ; Great Northern (A), 108 to
109 ; Metropolitan, 821 to 83 ; South Eastern, 77/
to 78 ; North Eastern (Berwick), 121 to 1211 ;
London and South Western, 931 to 941 ; and
London, Chatham, and Dover, 151 to 15?,-.
American Five-Twenty Bonds are better, at
86 ; and Illinois are f better, at 994.
Lombardo-Venetian is I higher, at 201 to 201
and Great Luxemburg 1-16, at 121 to 121.
Telegraph Construction and Maintenance opened
at 351 to 351, and are now dull at 35i to 351,
being 1 lower ; Anglo-American, 191 to 194 ;
French Cables, 15 to 154 ; and Atlantic Eight
per Cents., 2 to 21.
In Bank Shares prices generally are without
change. Alliance,l2l to 131 ; Anglo-Austrian,
11 to 13 prem. ; Imperial Ottoman, 21 to 21
prem. ; London and County, 461 to 471 ; Lon-
don and Westminster, 581 to 591 ; Oriental, 41 to
42 ; London Joint-stock, 301 to 31 ; and Union of
London, 37 to 38.
In Miscellaneous Securities prices are firmer.
General Credit and Hudson's Bay are each
higher, the former being dealt in at 11 to dis.
and the latter at 124 to 13 ; National Discount is
steady, at 11 to 114 ; and International Finance,
2/ to 14 dis.
There were no gold operations at the Bank
yesterday.

The Neva, from the West Indies, has brought
£16,241 in gold and £110,712 in silver; the Union,
from New York, £26,975 ; and the Delhi, from
Alexandria, £7,156. The Douro is telegraphed at
Lisbon with the Brazil and River Plate mails and
£48,183, making a total of £209,267.
The prospectus of the new Six per Cent. Turkish
Loan has been issued in London by Messrs. Louis
Cohen and Sons, and iu the principal cities of the
Continent by other establishments. It is for a net
sum of 12 millions sterling, and the price is 60j, or,
reckoning allowances, 581. An annual sinking
fund of 1 per cent. is to provide for its redemption
at par in 33 years, and, estimating this advantage,
the return to investors will be about 11! per cent.
per annum. The annual charge for interest and
sinking fund will be £1,560,000, to meet which
an appropriation is made of specific revenues
to the aggregate amount of £2,375,000, which
revenues had been steadily increasing for the
past three years, and are henceforth on col-
lection to he paid over, not to the Turkish Govern-
ment, but to the contractors of the loan, until in
each year they reached the sum required for that
service. It is also provided that the bonds of this
loan will be accepted at par by the Ottoman Govern-
ment for any caution mone3s that may her,afttr
have to be deposited by persons entering into en-
gagements with them. Finally, a special clause in
the convention declared the bonds to be at all time
free from any tax or deduction—an announcement
which, on the faith of all contracts of fereign loans
hitherto made, might be regarded as superfluous,
but which the deplorable example of Austria, Italy,
and other States has now rendered necessary. A
deposit of 5 per cent. is to accompany each applica-
tion (the remaining payments extending to the Ist
of April next), and the subscription list is to close
at 3 o'clock on Friday next. Appended to the pro-
spectus is a memorandum in relation to the resources
of Turkey on the pleas to be urged for her finan-
cial course. It states, among other points ;—"ln
the 30 years which elapsed between 1831 and 1860
the trade of Turkey with this country alone rose
over 800 per cent., and since that period there has
been no aggregate retrogression. So far from
having reached its limits, the taxation of Turkey is
at the rate of 9s. per head of her population, while
that of Great Britain is at the rate of 56s per head.
Our agriculture is in many parts probably carried
to its utmost perfection, while in Turkey even the
poorer crops, which in England would require 313
days' labour, need only 120. The mineral wealth
of large tracts of Turkey is almost fabulous.
Roads, education, a better administrative ma-
chinery for the collection of taxes, are alone wanted
to make Turkey one of the wealthiest portions of
the world, and to this end Turkish statesmen are
striving to the best of their ability. The debt of
Turkey will bear honourable comparison with the
debts of other civilised nations, While many
Governments have had recourse to a paper cur-
rency wherewith to discharge their debts, Turkey
has incurred debt to redeem her paper currency.
The present loan is effected, among other reasons,
With a view of reorganising the metallic currency
on a uniform standard, with a view to free the Go-
vernment from the custom (almost hereditary in
Turkey) of farming the revenues to an army of in-
dividuals, and also for the purpose of liquidating
temporary advances, for the security of which
several valuable sources of revenue had temporarily
been mortgaged. The Cretan war, illusory pre-
tensions, foreign intrigue, the necessity (atoned by
the example of all the Great Powers) of replacing
her services on a footing less disproportionate with
recent science, have weighed heavily on the finances
of the Ottoman Empire, and all these elements
superadded to the labyrinth of inherited difficulties,
out of which Turkey is slowly but surely fighting
her way, sufficiently explain the necessity for the
present loan."

A company has been incorporated under the title
of the International South Transatlantic Telegraph
Company (Limited), and will be shortly introduced
to the public, for the purpose of establishing tele-
graphic communication between Europe and South
America, under concessions obtained by Mr. P. A.
Balestrini, from the French, Italian, Portuguese,
Danish, and Brazilian Governments. The cable
for this undertaking has been already contracted
for by the firm of Aubert, Gerard, and Co., of
Paris, London, and Hamburg.
The South Eastern Railway traffic return shows
this week a decrease of £3l compared with the
corresponding period of last year, and the Brighton
a decrease of £26G.

It is anticipated that the affairs of Messrs. Mac-
leroy, Hamilton, and Co., manufacturers, of Glas-
gow, will realise about 103. in the pound.

The Committee of the Stock Exchange have ap-
pointed Thursday next a special settling day in
the new shares of the Great Southern of India Rail-
Way Company, which are to be officially marked.

The Great Western Railway of Canada traffic
return for the week ending the 10th inst. shows an
increase of £4,171 over last year.
An extraordinary general meeting of the Indian
Tramway Company (Limited) is called for the
20th inst., to pass a resolution requiring the com-
pany to be wound up voluntarily.
A petition for the winding up of the " Merchants