The Sun.
London, England, 1869-02-01 00:00:00

TRADE AND FINANCE.

The discreditable disclosures in reference to the collapse
of Overend, Gurney, and Co. (Limited) will certainly
tend to prolong the period of distrust and to postpone the
return of confidence. It would be out of place to pass an
opinion upon any part of the case now that the
whole affair will be investigated before a proper
tribunal. We cannot but remark, however, the
deplorable state of commercial morality which the evidence
exhibits. Such persons as Mr. E. W. Edwards will
always be found in their proper atmosphere, but it is
evident that persons of the highest credit were well
aware of the state of affairs at the time of the
transfer of the interest of the old firm to the limited
company. The " Corner House " was held in great
esteem, and no adverse rumours were able to affect its
currency ; and, notwithstanding the frequent warnings
given, the commercial world still trusted to their leading
Louse. It now appears that the " Corner House" was
the receptacle for all the bad and doubtful bills of
London, and we may presume that a proportionate rate of
discount was charged. The very fact of the directors
caving paid so large a sum as £20,000 to Mr. Edwards
convinces us that they were knowingly acting in contradic-
tion to the laws, and that they were aware that the
information gleaned by Mr. Edwards as official assignee of
the Court of Bankruptcy should not have been made use
of in his private capacity.
The supply of capital in the discount market is on the
ncrease, owing to the payment of the dividends. There
is also a larger quantity of bullion on passage to this
country. From Australia we have advices of
shipments to the extent of 2800,000, while the
steamers from New York are bringing about
£310,000 on English account. Some relief, however, may
be obtained by the introduction of the new Turkish Loan,
now £0 long talked of, and by the issue of the new shares of
the Great Indian Peninsula Railway. There is also an
amount of £2,000,000 on account of the Intercolonial
Railway of Canada still outstanding.
The union of England and Australia by means of a
telegraphic cable bids soon to become an accomplished
fact. Yesterday the prospectus of the British and Indian
Submarine Telegraph Company (Limited) was issued,
the object of which is to lay a line direct from
Suez to Bombay. The prospectus of a competing
ine is understood to be in course of preparation,
and may be issued to-night. It appears strange that two
companies should ooze at one and the same time, to con-
tend for the telegraphic traffic to the East, but the
commercial world have every reason to congratulate
themselves on the result. As soon as the lines are completed
&o Bombay, it is understood to be the intention of the
directors to extend the communication to Australia and
New Zealand. The latter colonies have for some time
post been labouring under the want of more
expeditious means of communication with the
mother country, which these companies will pro.
)ably supply. There is a great advantage attending the
two proposed lines. They will, with the exception of the
lortion through France, be worked entirely by English
clerks. Oa the present telegra:)ll to India—which has
Jecome notorious for it 3 delays and mitt ust wor thiness—
che greater part is in the hands of foreign operators,
and, owing to their natural apathy and to the numerous
translations and retranslations required, very little reliant..
can be p'ace,l on the messages icceived. From these
strictures, however, that portion of the line which is
worked by Engli,4ll c'Erks—namely, from Mussendom, nr,
the sh res of the Pers'an Gulf, to India—should be re-
lieved, rs t!.e staff there has always Droved an efficient

(EC.

There is v.- y t'e of into. est t:) petite in trade ',elle-
rally. Silk, however, has presented some very iaipertant
features of late. Owing to the extravagance of fashion,
high-class European silks were constantly on the advance
in the early part of 1863 ; while Asiatic and inferior
descriptions, being neglected, retrograded in value
to an almost similar extent. The high rates
current naturally restricted consumption, and the
quotations again gave way until the whole advance
obtained was lost. We fear that importers will be serious
losers by the fluctuations which have occurred. It is
to be hoped that some change will speedily take place
in the character of the trade, which will allow
of a more eNtended U3C of inferior qualities, and bring the
quotations for them more into harmony with the value of
other descriptions. The range in prices between inferior
Asiatic and best European silks is greater now than was
ever known before.

Mr. James Greenwood, who three years Emeo
made himself famous as tho "Lambeth Amateur Casual,"
iL-
tends on Wednesday next, and for the first time is London,
to narrate ("with tho fullest particulars," it may be assmned)
his experience of that memorable night of horrors.

BROTHER IGNATIUS AND MISS ROBINSON.—
Acting with his usual impulsive, hut withal genial fashion,
Brother Ignatius appears to have amicably adjusted
matters with Miss Robinson. With his consent, Miss Robin•
son has preached in the new chapel in the rear of the
" monastery " which has formed the subject of dispute :
and Brother Ignatius has publicly stated that he sees
" the image of Jesus very clearly reflected in her
face and spiri:-.." The services of the police had been
9.t one time invoked by Brother Ignatius to clear the
chapel.

THE LAW OF BANKRUPTCY.— une of the fire.
measures, we understand, the Government intend to intro.
duce when Parliament meets is a bill to amend the law-of
bankruptcy. The bill of last session, framed on the report
of the committee which sat to consider the defects of the
present system, will, no, doubt, be the basis of the intended
legislation. There are two suggestions we would offer for
the consideration of the draftsman, namely, the necessity
of consolidating a number of its clauses, and striking out
those portions of the bill which might properly come
within the scope of the rules and orders. The less cum-
brous the character of the bill, the greater the probability
of its becoming law. —Law Times.

COUNTRY FIRE BRIGADES.—The organisation o:
efficiently-constituted fire brigades has been a matter of
serious consideration amongst many of the authorities in
our country towns. Amongst those towns may be selected
Market Rasen and Wragby, in Lincolnshire, and Wootton
Bassett, near Swindon. These towns, each averaging a
population varying from 3,000 to 5,000 inhabitants, have
selected, through their committees appointed for the pur-
pose, the well-known " Paxton" fire-engines introduced
by Messrs. Merryweather and Sons, fire-engine builders,
of London, in the year of the Great Exhibition, 1851.
This description of engine was designed by the above firm
to inset the- requirements of the country towns, both as
regards simplicity, easy management, and cost. It is
stated that the fire brigades in each of the towns are fully
equipped w.th fire-engine and every requisite for sums
varying from £l3O to 4180.

SINGULAR RAILWAY ACCIDENT. —A very curious
railway accident, which, if it had occurred in the summer.
when the traffic is great, would have been very serious.
happened the other day on the line between Llaorws:
and Llandudno Junction, which runs alontr one
side of the river Conway. At Ta'yeafn, tiu
station next to Llanrwst, the recent heavy rain,
and the flooding of the river suddenly washer'
away a quantity of the earthwork, leaving th,
rails quite unsupported for some yards. The trail.
leaving Llanrwst, at 1.13 met with an accident in cotse
quence, for before the driver could stop the train the un
supported raPs ga..-e way, and the engine and tender were
precipitated into a large fissure. The driver and fireman
fortunately escaped with slight bruises, as did also the few
passengers in the train, with the exception of a young
female whose legs were broken. A cattle truck next the
tender was smashed, and a quantity of "pigs,