The Sun.
London, England, 1869-07-12 00:00:00

TRADE AND FINANCE.

The payment of the dividends, which commenced on
Tuesday last, has greatly added to the amount of capital
seeking employment in Lombard-street, and it
would almost appear that we are again about
to enter into a period of inaction, equal in
intensity to any experienced during the last three years.
We are now in a very dull portion of the year, and the de-
mand for money is likely to be the more restricted on that
account. With the approach of autumn, when the import
trade assumes its largest proportions, more inquiry may
be anticipated, but there appears to be no present prospect
of any return of activity in the market. A large influx of
capital may be expected in Lombard-street, as the pay-
ments for interest on foreign bonds and bank and railway
shares will be very heavy, and it is difficult to see, there-
fore, how the present official rate of interest can be main-
tained.

There is one feature in trade which may have some
effect upon the value of money. Cotton has taken a
decidedly upward course in value, and our advices from
the Eastern markets are such as to lead to the belief that
a heavy demand for goods for export will soon set in. A
considerable business has been concluded this week, but
even this will probably be checked if the advance in the
price of the raw material continues. No very great demand
can be satisfied out of present resources, and in looking
at the question of the probable future supplies, there is
room for a further considerable improvement in the quota-
tions for the raw material should trade be resumed in the
Manchester market on anything like its ordinary scale.
At present prices, however, this is not likely to be the
case ; and, in the event of any great advance, the activity
which has sprung up will probably soon subside again.
The Eastern markets, however, must be nearly bare of
goods, and the deficiency must be supplied sooner or later.

The corn trade has shewn a remarkable degree of
firmness for the time of year. Immediately
before harvest there is a natural tendency towards
lower rates in the value of cereal produced ; but
the position of the trade this year is so peculiar that the
reverse has been the case. Notwithstanding the glowing
accounts received from many quarters as to the prospects
of the crops, there is a growing belief that wheat will be
very variable both in quality and quantity. For this reason
no little anxiety has been shewn on the part of millers to
secure as much as possible of the splendid quality of 1868,
which bids fair to assume a standard of value in the
market during the ensuing season. The import trade also
presents features which should produce caution
in submitting to any decline in the rates. The
accounts from the North of Europe report great damage
to the crops from the unfavourable weather, and much
excitement had prevailed in the wheat trade in conse•
quence throughout the Baltic ports. Prices there are
too high to admit of operations to this side, and our chief
sources of supply will therefore be Russia and the United
States. From these latter our receipts will probably be
heavy, but some time must elapse before they can make
their appearance in the market, and until then the tons
of the trade here will be firm.

A woman charged with stealing a sovereign at
the Middlesex Sessions pleaded kleptomania. Her husband
was bound over to bring her up for judgment when called
upon.

A petition of Ellen Howard on behalf of her infant
Eon, claiming to bo Earl of Wicklow, was heard by a Com-
mittee of Privileges on Saturday, and their lordships ordered
that Mr. Sergeant Ballantine may be at liberty to appear 10
counsel for the petitioner, if he think fit, in addition to
Charles Clark.

A French savant, in giving a relation of the
curious maladies which attack the organs of vision, ear/
that some time ago a whole regiment in garrison At
Strasbourg was found to be suffering from a strange
disease; the soldiers could see very well during the dal,
but directly the sun set they became quite blind, and
could distinguish nothing by the light of the most brilliant
lamp. In another case a gallant tar became suddenly
affected in a strange manner ; when a ship appeared on
the horizon he could see the yards plain enough, but not
the masts ; or horizontal lines, and not perpendicular ones.
CABINET COUNCIL.—At the Cabinet Council held,
on Saturday, in Downing-street, the Ministers present
were the Right Hon. W. E. Gladstone, the Lora
Chancellor, Earl de Grey and Ripon, the Earl
of Kimberley, the Right Hon. H. A. Bruce'
the Earl of Clarendon, Earl Granville, the Right
Hon. E. Cardwell, the Duke of Argyll, the Chancellor
of the Exchequer, the Right Hon. Hugh Childers, the
Right Hon. J. Bright, the Right Hon. G. J. Goscheri•
the Marquis of Hartington, and the Right Hon. C.
Fortescue.

-------
ADMIRAL FARRAGUT AND THE DUCHESS OF
SOMERSET.—In the new book entitled "Admiral Fax-
ragut's Flag Afloat" the writer relates this characteristic
anecdote:—" On the day preceding his departure from
London, when her Grace the Duchess of Somerset sil's
earnestly entreating him to dine with her for the fourth
time on the morrow, gratified with her emprcssentent
manner, he grasped her band with both of his own and
exclaimed, ' But, my dear fellow, it is impossible I' The
Duchess was delighted with the term of endearment,
claims it as a legacy from Admiral Ferragut, and relates
it with the liveliest pleasure."
STEAM CARRIAGES ON COMMON ROADS. --111
Paris a new mode of locomotion has been started, whial•
if it should prove successful, will solve a very old problel3l.
Along the outer boulevards there are railway steam c 31.1
now running without rails. Hitherto it has been fours
impossible .
to ccustruct engines which could run over.'
macadamised road ; and the difficulty of guicbZ
the engine without rails has proved a ff
obstacle. Some years ago there was a steam carriage
whl
ran between London and Cambridge ; but it always ran
s;
into a ditch before it bad got fairly on its way, And 1
therefore abandoned. If, howe'ver, these Parisian re::
engines run straight, and do not tear up the roadwar..
shall have entered on a new era in steam looona7,
Still it must be owned that the boulevards in the Frencto
capital are so beautifully laid down that it is not esql.
argue Even them to our orclinaryEnglialatighyoqk