The Sun.
London, England, 1869-04-26 00:00:00

PARLL4MENTARY BUSINESS.

Fifteen "orders" are down for consideration this
evening, the first of which is the further progress in
committee of the Irish Church Bill. The next in import-
ance is the Bankruptcy Bill brought in by the Attorney-
General, which be will endeavour to get through
the quicksands of committee. The Imprisonment
for Debt Bill—a supplemental measure to the first
—is also fixed for the same stage. Mr. Goldney
will endeavour to get his County Coroners Bill
read a second time, although it will meet with the
strenuous opposition of Mr. Mike, who will move that
it be read a second time upon this day six months. In
the event of its passing a second reading, Mr. Cubitt will
try to shelve it to a select committee. Mr. Ormsby Gore
intends to ask the Chief Secretary for Ireland a question
relating to Irish railways ; Sir Stafford Northcote will
seek some information touching the disputes between the
rulers of Muscat and Zanzibar; and Colonel Duncombe
will want to know of the President of the Poor-law
Board if it is his intention to introduce during the present
session a bill for the purpose of placing the rating of mines
on a more satisfactory footing.
The Beerhouses Bill comes on for second seading to-
morrow night, and as there is no adverse amendment on
the paper, it will probably pass that stage. The adjourned
debate on the Irish Party Processions Bill is also fixed for
to-morrow evening. Mr. Pease has given notice to
call attention to the need of an early report from the
royal commission appointed in 1867 to inquire into the
duration of our coal-fields ; Mr. Fowler (Falmouth) will
move an address for a copy of the despatches addressed to
the Secretary of State for the Colonies from the Governor
of the Cape and the Governor of Natal in reference to
slaTery in the South African Republic ; Sir George Jen-
kinson will call attention to the hardship and injustice
inflicted on the ratepayers of certain parishes by the
present system of the partial abolition of turnpikes ; and
Mr. Raikes thinks the present state of the law affecting
agents guilty of corrupt practices at parliamentary elec-
tions well worthy the consideration of the House.
On Wednesday Mr. Newdegate will be able to have
another fling at Roman Catholics, he having given notice
that on the motion to read the Ecclesiastical Titles Bill
a second time, he will move that it shall not be further
Proceeded with. The Evidence Amendtn mt Bill and the
Poor Law (Ireland) Amendment Bill at.) both down for
second reading. Mr. Staveley Hill intends to propose an
adverse amendment to the first, and Mr. Synan will
suggest that the second shall be referred to a select com-
mittee.

Thursday being a Government night, the Irish Church
Bill will again occupy the attention of the committee.
Several bills are entered for different stages. The Conta-
gious D:.;eases (Animals) [No 2] Bill and the Local
Government Supplemental Bill are fixed for committee ;
and the Mines Regulation Bill and the Valuation of Pro-
perty Bill for second reading.
On Friday Mr. Gregory will bring forward his motion
for opening museums on Sundays ; Mr. R. N. Fowler
intends to call attention to the advantages to the public
service of embarking and landing the mails at a western
port ; and Sir Hervey Bruce will move for a return of
the new taxes placed on Ireland since the year 1852.

TRADE AND FINANCE.

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Of all the foreign Governments now in the money
market, or about to make their appearance there, for the
purpose of raising loans, there is not one which, from a
financial point of view, can be regarded with
confidence. And it is satisfactory to find that a con-
siderable degree of caution is now being exercised, by
English investors at least, with regard to advances to
these unstable Governments. It is scarcely too high a
computation that the loans already out and in prospect
are for no less a sum than 50 millions sterling. Of • those
already issued, there is the issue of £11,110,0A Nicolai
(Grand Russian) Railway Bonds, which, although
taken up on the Continent, has been com-
pletely shelved in this market. Of the Spanish and
Turkish Loans very little has been obtained in this market,
while the Roumanian Railway Loan for £1,500,000 will
pmbably meet with a similar reception in conse-
quence of the bad faith of the Roumanian
Government with former contractors. Not long since
we saw 'an attempt of the Egyptian Government to
obtain money here fail ignominiously, while, still more
recently, a proposal from Turkey was scarcely listened to.
These ,we venture to think, are healthy signs. Investors
appear to have become convinced that there is a limit
beyond which lending should not go, and accordingly
the old borrowing States, which have come into the market
from time to time with great regularity, have been the
first to fall under suspicion. Looking at the credit of
these Governments themselves, we see nothing that should
induce capitalists to trust them. In the cases of Russia,
Italy, and Spain, the finances have been going backwards
for many years past, and so little mystery has been
made about the matter that the Budgets of
each have been estimated in deficit, without any
attempt apparently to bring the receipts and expenditure
into equilibrium. Spain, in particular, is in a very peril-
ous position at the present moment, and there is very
great doubt whether she will be able to pay the interest
about to fall due on the exterior debt, notwithstanding the
loan that has now been raised. It would almost
appear that the interest on all Spanish Bonds
will be funded for some time to come. The
estimated expenditure of the Government for 1867.68
was upwards of twenty-six millions sterling, while the
revenue was something over twenty-five millions. This
year, however, the expenses attendant on the revolution
will cause a much larger deficit, while the revenue
will have fallen off greatly in consequence of the abolition
of the octroi duties, and other internal direct taxes. It
seems almost impossible, under such circumstances, for
Signor Figuerola to be able to meet the current expenses
of the Government, and now that people's eyes have been
opened to the true state of affairs, a new loan would b
out of the question.
These loans, however, must have a satisfactory influence
upon the money market. They will absorb a con-
siderable amount of unemployed capital, and will
cause au upward movement in the discount
quotations. Already an advance has taken place at
Hamburg and Amsterdam, it being found necessary to
prevent an outflow of silver from the country. The
position of the money market here has for some weeks
past been very peculiar. Notwithstanding the great
difference between the value of money here and abroad,
the comparatively high rates have failed to attract
the usual amount of capital to this side. This has been
accounted fur by the suspicion that foreigners have begun
to attach to English bills, owing to the failure, attended
by discreditable revelations, of some of our principal
houses, which were long regarded by them as the repre-
sentatives of commercial honour and opulence. It was
the custom, when opportunities presented themselves, for
foreign capitalists to send money over to this side for
investment in long-fated paper, but, owing to the circum-
stances pointed out above, these operations have been
very much restricted. It is a humiliating fact, but it is
difficult to find any other explanation for it.
In trade generally, no feature of interest has presented
itself. The amount of business passing in woollen and
cotton goods is limited. There is no disposition on the
part of manufacturers to go into stock, and they appear
to be pretty well bare of supplies of the raw material.
Apparently they are convinced that if prices of both wool
arid..sotton do not recede, tiny will, at 1016 be Akin
pigsliggiatsaciat rater!,