The Sun.
London, England, 1869-05-10 00:00:00

TRADE AND FINANCE.

The week opened quietly enough from a financial point
of view. On the publication of the Bank return, how-
ever, it became evident that the position of affairs was
far from satisfactory. Notwithstanding the rise of 1 per
coat. in the Bank minimum, which now stands at ,q per
cent., there is a general belief current that the rates inuststill
go higher. We pointed out some short time back that
any considerable a,clvance in the rates of discount most
lead to heavy sales of stocks and 'hares, as, owing to the
low rates that have so long pre railed, large amounts of
securities, especially of the more speculative class,
have been locked up under advances from
the banks. Accordingly a panic has ensued
in the Stock Exchange, and large amounts of stock had
been forced upon the market. Some of the most specu-
lative securities have given way from 2 to 3 per cent.,
while Five-Twenty Bonds, in particular, have been pressed
for sale at a fall of about 3 percent. The banks are in a great
measure to blame for this state of things. For a longtime
they have been upholding the most rampant speculation,
but n 1 sooner does money threaten to become at all strin-
gent than they make as early arrangenients as possible for
calling in their loans. It may well be doubted whether
such advances are within the legitimate range of banking
operations, but there can be no hesitation in denouncing
them as morally wrong, as fostering speculation in the
very worst class of securities.

The reason of the sudden movement in the money
market is somewhat obscure, but the immediate cause of
the advance in the rate is the fact that a large amount of
capital has been taken out of the open market, in conse-
quence of the rates there having been for so long a time
past so considerably below the Bank rate. The Bank is
now in a stronger position than the open market, which
is a most unusual state of things, and can afford to dis-
count at a charge below that of the general dealers. Such
a state of affairs, however, will soon rectify itself, as a
further rise in the official minimum must take place
almost immediately.
Without doubt, the present condition of the United
States has had a considerable influence upon the market
here, and considering the near connection into which the
two markets have been brought by the telegraphic system,
it is no wonder that they should act in unison. Putting
aside the state of politics, which very probably are much
inflated too, there is no doubt that the financial condition
of the States is very threatening. There was an adverse
trade balance against New York alone on the let of April
last of upwards of 40 millions of gold dollars, and when
Baltimore, Philadelphia, and Boston are taken into account,
the results will prove still more gloomy, To this must be
added the liabilities that the United States may be called
upon to pay, should anything occur to provoke
distrust in the American Government, or any
difficulties arise out of the Alabama claims. It
is scarcely possible, however, that the Americans
would commit themselves to such a suicidal act
as some of their stump orators threaten while the
finances of the country are in such a distressing condition.
We are aware that a large portion of the indebtedness
above referred to has been paid for by the heavy exports
of Five-Twenty Bonds in response to the European
demand ; indeed, it is this demand for American securities
which has caused the inflation of trade. Unfortunately this
is not the worst of the case. While the stock of dry goods in
America are everywhere large, the ability of fe.s people
themselves to purchase has been much curtailed. The
difficulties arising from a depreciated currency and a fluc-
tuating gold premium, and the high prices caused by a pro-
tective tariff have restricted trade to an unnatural
degree for years past, and the profits of the
traders have been very small. Consequently these
excessive imports will have to be disposed of at
a loss, and a collapse will be the probable result. Never-
theless, there is no imputation to be cast upon the credit
of the American Government beyond the fact that the
suicidal tariff is one of the main causes of the present
mischief. A collapse in trade, however, must have a
prejudicial effect upon the United States Treasury, and
the position of the Government is, therefore, not likely to
improve.

A somewhat curious case has, says the Manchester
Courier, been sent by the Manchester magistrates to the ses-
sions. Three years ago a firm of brokers in this city lost
£548, stolen from a drawer which was forced open. Th•
other day a young man, formerly in their employment, ten-
dered a £lOO Bank of England note as a bet deposit. This
was said to be one of the lost totes stopped at the time of
the robbery. Ho had endorsed it with another man's name.
The defence was that tbo prosecution had failed to rrove
that the note was rail of the stolen property. The magis-
trates committed the prisoner, refusing to accept bail.

News from Hanley Ilts been received of a most
lamentable affair. On Friday, Mr. Langley, a gunpowder
agent, sent five hundred-weight of gunpowder to Mr. John
Esprey, colliery contractor, near Newcastle. The carter
placed the powder in the teach-house, and went to tell a
person named Epsley, who arrived within 10 minutes. Mrs.
Epsley fired the pcv, der, which totally destroyed the build
ing, and she was herself buried in the ruins with a beam over
her chest. She is still alive, but frightfully injured. Do-
-mostio unhappiness is assigned as tho cause of the commis-
sion of the rash act. A man passing at the time wasinjuroQ
on the buctsuitaken to the iafirmt►ry

MAIM-37 S-7 MS DAY.

LIVERPOOL COTTON MARKET.
May 10.—Sales probably 7,000 bales. The market
dull.

MARK LANE.
At Mark-lane this morning there was a fairattendarceof
the trade. The demand for English wheat was steady,
but not active or excited, and factors had no difficulty in
placing their samples at fully the extreme ret••s of last
last week. in foreign there was rather more doing, and
and here and there is per quarter more money was paid
for fine samples.

NEW SMITHFIELD AND LEADENHALL.
Tha dead meat trade is steady at former quotations
Beef, 3s 10d to 58 4d ; veal, 4s to 5s ; mutton, 4s 6d to Gs ;
lamb, 5s 8d to 7s 2d; large pork, 4s 6d to 5s ; small ditto
5s to Gs per stone.

SHIPPING INTELLIGENCE.
------4,-- ---
GRAVESEND, Monday Morning.
Wind S.: cloudy.

Arrived, May 9.—Marga ride, from Sines; Katharine von
Calear, from Groningen; Diana, steamer, from Amsterdam;
Echo, steamer, from Calais; Priscilla, from Port Natal;
Truant, frem St Kitt's ; Admirrl P. 1 ordonsen, from Drain ;
Ukko, from Jamaica; North Star, steamer, from Christi-
ania.

Arrived, May 10.—Furet, from Gravelines; Moselle,
steamer, from Havre; Fyeuoord, steamer, from Rotterdam
Dolphin, steamer, from Antwerp; Panther, steamer, from
Boulogne.

Sailed, May 9.—Livonia, steamer, for Malta. '
DEAL, Monday Morning.

Wind, W.S.W., moderate.
Passed, April 9.—Murillo, screw steamer, from London,
for Havre.
Anchored—Agincourt, from London, for Rio Janeiro
Rescue, of Guernsey, from Shields, for Bayonne.

Foreign Mail Packet List.

MAILS DUE.

Australia and New Zealand, via Southampton Aray 22
Ditto, via Y arsenics May 17
Bucuos Ayres, and Monte Video Juno 4.
Ditto, by French packet • May 13
Cape Verde. by Brazil packet ........June 4.
Cape of Good liupe. Ascension, and St. Helena.... May 13.
China, Penang. and Singapore. via Southampton.. May 15.
Utbraltar, via Southampton
Indla,via Southampton
vitto, via Marseilles
Malta, Eg,ypt, Ste.
Ditto, Marseilles.. May
Newfoundland May 19
Mauritius, Cape of Good Slope, and Natal, via
SenthEuriton
Ditto, Marseilles May 9
Portugal
United States, t anada, California, dm., by British
packet
......May 8
Ditto (Mt( (Baltimore)
Ditto, by 1_ nited States packet
Ditto, by Inman packet May 1?
West Coast of Africa, Madeira, and Teneriire May 17
B tha.nas, via New York.
West Indies and Pazific (except Mexico and Bahp-

Inas)
Cuba and Mexico
Bermuda. via llalifax...:

May 14
•I 1 ...... • ••*••• May 29
Juue 2
.

CROQUET.—An excellent pocket guile to this
favourite game has just been published by the Messrs.
De la Rue, It is by " Cavendish," the au hot of " Whist,"
and is intended to supply hints for arranging and playing
the g-:me, and also fur the purpose of determini,lg rocs-
tior s that may arise in the course of play. It may be car-
ried coovenicatly in the waistcoat pocket or the card case,
and its price will not prevent its use from becoming ge-
neral.

The 3d Royal Surrey Militia, consisting of 21
officers, 848 men, 18 soldiers' wives, and 39 chil-
dren will proceed from Kingston to Aldershott
Camp, for training, on the 21st instant, and will
be quartered in the Centre and West Bio.ls, Per-
manent Barracks.

The Royal Marine infirmary adjacent to theibar-
racks at Woolwich is to be handed over to the War
Department on Monday next, with the same cere-
mony as was observed on the occasion of deliver-
ing up the barracks on the 3d inst. by Lieut.-
Colonel Paisley, of the Royal Engineers, Super-
intendent of Works, Chatham Dockyard. It is
rumourel that the infirmary will not be appro-
priated as heretofore, but that the building will
be turned into officers' quarters, &c. A suggestion
was made a short time ago, when the Duke of Cam-
bridge paid a visit to Woolwich for the purpose of
making an inspection of the barracks and infirmary,
that the building should be the general hosiital,
being adapted in every respect for that purpose,
by its proximity to the several barracks and
Government estAblishmeuts, as well as its healthy
si!ua. ion.

Iler Majesty's armo:ir-plated coastguard ships
Black Prince, 41, and Valiant, 24, arrived on Satur-
day in Plymouth Sound, where they discharged their
powder. Yesterday they were taken up Ilamoaze.
The Valiant will to-day be docked in Keyham
steamyard, and the Plack Prince be placed alongside
the jetty at Devonport.
The following appointments were made on Satur-
day at the Admiralty :—Lieutenant 0. H. Parker,
Lieutenant Harry T. Grenfell, and Lieutenant
Samuel A. Johnson, to the Excellent ; Navigating
Sub-Lieutenant Herbert Roxby, to the Liverpool ;
and James T. Daly, midshipman, to the Liverpool.
The following assumed names have been registered :
Mr. Grey, Mr. Rawcliffe, Mr. Planet, Mr. Blair, and Mr.
St. James.

FORDHAM.—This jockey, whose connection with Lord
Calthorpe's colours has been a brilliant series of successes,
was put on £BOO to nothing on Knight of the Garter for
the Chester Cup by Captain Machell.
We hear that Mr. Merry has been in treaty with no
fewer than three jockeys, in order to be secure of an effi-
cient rider for Belladrum in the Derby. It will be no-
ticed that J. Snowdsn, who rode Blair Athol in the Derby
and Leger, has worn Mr. Merry's colours during the
Chester week.

Vmuns.— This mare left Ileley on Monday last for Mr.
Bennett's own place, and she is not likely to run again.
CHESTER RACES, 1870.—At the meeting of the Grand
Stand proprietors, hold oh. Thursday, under the presidency
of Sir W. Wynn, it was resolved to give £1,900 as added
money to the races next year. The following noblemen and
gentlemen have consented to act as stewards of the meet-
ing :—Sir W. W. Wynn, Bart., M.P., Prince Soltykoff,
Lord Calthorpe, Lord Stamford, Lord Westmorland, Sir
R. Bulkeley, Lord Coventry, Lord Wilton, Colonel Fores-
ter, Captain 31achell, and Mr. G, Payne.
LETTING OF THE REFRESHMANT Rooms AT DONCASTER
GRAND STAND.—On 1 hursday lest a meeting of the race
committee was held for the purpose of letting the refresh-
ment rooms at the Grand Stand for the Spring and Sep-
timber meetings. It was resolved that the refreshment
room should be let to Messrs. Bower and Mignott, of
London, for £4OO, with an additional £5O for the now
stand, if erected.
SYDNEY EDGAR SMITH AGAIN.—At the Wingham
(Kent) petty sessions on Thursday, the notorious Sydney
Edgar Smith, who hails from Portland House, Barham,
near Canterbury, was convicted in a penalty of £5 for
keeping eight greyhounds without having licences for
the same, and the excise authorities, who prosecuted,
said they "wanted" this fellow, having a judgment in
their hands against him for the non-payment of racehorse
duty.

The Duke of Hamilton, it would appear, has resolved to
abandon racing in Franca as well as to retire from the
Turf in England, tho sale of his Grace's French stud
being announced by M. Salvador• Cheri to take place at
the mart in the Rue de Ponthieu on June 2, the day before
the sale at Tattersall's.

THE CHESNUT TREES IN BUSHY PARlL—Regularly
with the return of spring comes the 'announcement that
" the Chesnut trees in Bushy Park are now in full bloom;"
and those of our readers who have never seen the magni-
ficent avenue facing Hampton Court palace should betake
themselves without delay.
THE 15TH HUSSARS FLAT RACES AT YORK.—The offi-
cers of the 15th Hussars, now in the York Barracks, have
organised several flat races to take place during the en-
suing week, on the Knavesmire. The first is a Match, to
be run on Tuesday (is. onnection with the first race day),
in which Mr. Briscoe backs his ch g David, aged, 12st,
against Mr. Lony's ch n, 5 yrs, list ; 200 hft ;
three miles. The other races consist of two handicaps
each distance two miles, to take place on Saturday next.
The horses are to be the property- of officers of the regi=
giment, and aro divided into two classes.
ALEXANDRA PARK RACES.—These races, which were
inaugurated with so much éclat last seaaon that upwards
of f 9,000 was on dit cleared by the undertaking, have been
abandoned, for this season at all events, after extraordi-
nary expenditure in building the Grand Stand and making
the course. It is rumoured that the Zoological Society,
who must shortly leave their present " local habitation'
in the Regent's Park, aro endeavouring to purchase tho
Alexandra Estate at Muswell Hill for the ordinary collec-
tion of their animals and reptiles.
LADVERTISEMENT.I—HoIIoway's Ointment and Pills.—
Complication of Diseases —Ulcerations, abscesses, swollen
glands, and o her disorders arising from unseen and un-
suspected causes, may be cured by the use of this excellent
ointment, aided by Holloway's pm ifying pills. The printed
instructions in which the remedies are wrapped are suffi-
ciently explicit for the guidance of any invalid with mode-
rate
intelligence. Holloway's medicaments can always be
used with advantage and without danger. For more than
a quarter of a century they have proved themselves to be
a treasure to the poor afflicted with disease. Both the oiut
went and the pills are especially adyted for military and
naval men, colonists, and travellers, who cannot everywhere
obtain medical assistance, but may always successfully
doctor themselves mith Holloway's remedies.

' IT F 'TION
g

SUN OFFICE, 7 o'CLock.

TAT T.ElidAL.LS'—This Evening.

GREAT NORTHERN HANDICAP.
sto 2 agst Paul Jones (taken and offered)
sto 1 agst Lard Hawthnrn (taken cud wanted)
6 to 1 aget Purtunio (talzcL)
7 to 1 agst Honesty (taken and offered)
7to 1 agst Toison d'Or (taken and offered)
10 to 1 agst Mexico (taken)
DERBY.
2 to 1 agat Pretender (taken and offered)
4to 1 agst Pero Gomez (takena nd offered)
9to 2 agst Belladrnna (taken and offered)
13 to 1 agst Ladas (taken and offered)
25 to 1 agst Martyrthan (taken and offered)
25 to 1 agst Ryshworth (offered)
:25 to 1 agst Ethus (taken)
1000 to 35 agst Rupert (offered -30 to 1 wanted)
1000 to 30 agst Duke of Beaufort (taken and offered)
40 to 1 agst P.,sworth (offered—take So t,„ 1)
1000 to 20 agst Vagabond (offered)
1000 to 10 agat Hertnione colt (taken)