The Sun.
London, England, 1856-08-27 00:00:00

COLONIAL WOOL SALES.

The public sales of colonial wool have closed two days
earlier than was originally announced. Their progress
and result is thus reviewed by Messrs. Lacoinb and
Son :

"The quantity of colonial arrived in time for these
sales being a little under 82,000 bales it was deemed
advisable to announce that the next series will not com-
mence until 30th October. Beyond pletes to the ex-
tent of about 3,000 bdes no definite promi.e of with-
drawal to reduce the quantity was made, importers pre-
ferring to watch the course of the market and be guided
by its state. Although there is no doubt that consumers
were quite as bare of stock as they Were prior to the
February and May sales, yet fair stocks existed in the
hands of dealers from purchases made in May, but cer-
tainly not to the extent believed by some parties ; and
owing to the unusually early arrivals of the bulk of the
colonial clip, showing an increase over last year's im-
port to the same time, an unreasonable opinion had
gained ground with some not well informed of the actual
state of the case, that the total colonial importation of
this year would be in excess of last, which opinion sub-
sequent advices lead us to believe will prove fallacious.
Acting under these impressions a general determination
to enforce lower rates caused the sales to open at a de-
cline of 5 per cent. from the closing rates of May, which
decline lasted till about the middle of the series, when
the large foreign purchases (which we estimate at
18,000 bales) and most favourable harvest weather in-
fused more spirit into the trade, and notwithstanding a
few days of heavy rain towards the close, prices rallied
until for the last week at least the closing rates of May
were re-established. The general exhibit of c)lonial
wools has been a full average in quality. Some very
choice flocks from Moreton Bay, and the best flock from
Van Diemen's Land, or any other colony, realised ex-
treme rates. Port Philip have not in most cases the
same high condition as in May, and many flocks are
burry. New Zealand are increasing in quantity, and
are much sought after for their fine combing properties.
The increase thence will prove a good substitute for Vic-
toria produce, which is likely to chew a great diminution
of import this year. Cape wools have sold well—mostly
for export. Adelaide wools have also realised well ; a
very large proportion thence is again this year in the
grease. The support received from Bradford, except for
deep-grown combing wools, has been less than maim].
The demand for yarns there at present running mainly
on those made from English and other low-priced wools.
The present state of trade in the manufacturing districts
is unquestionably good. The west of England and
northern fine cloth manufacturers being driven to fine
Australian to supply the want of German wools, have
been eager competitors for this description. The supply
from Germany appears to be falling off in quantity at
the same time the wants of the German manufacturers
lead to continually increasing purchases of colonial wool
for their assumption. The supply of Russian wool, un-
locked by the cessation of the war, has yet to come for-
ward ; at present we cannot estimate the probable im-
ports; there is no reason to believe that it will be excessive.
East India wools have fully supported late rates in
Liverpool ; in the instance of coloured wools we consider
them higher. Mediterranean and S'fax wools have not
relised so well as in May.
The market wears a very firm aspect, and with a fine
harvest we look for a maintenance at least of present
prices.

LOCUSTS.—A host of locusts has invaded the districts
of Odessa, Ananieff, and Robvior. The following fact
gives an idea of the enormous number of these insects
—A gentleman living in the neighbourhood of Odessa
invited a large party to a fete at his country house, and
in the evening the place was splendidly lit np with
lamps, Bengal lights, &o. Sumptuous sideboards were
laid out, and a brilliant and select company had as-
sembled. All looked forward to a merry evening. The
windows of the apartments bad been opened, and a
refreshing breeze was entering the room, when sud-
denly a loud noise was heard, and a few moments after
myriads of locusts filled the -rooms, the gardens, sleep
ing chambers, and every part of the villa. Fireworks,
rockets, &c., were discharged in the hope of driving
away these troublesome guests, but in vain, The com-
pany were compelled to leave.

OP RUSSIA.

ST. PETERSBURG, AUG. 19.
At about ten o'clock this morning the second
and last division of the British embassy extraordi-
nary left their hotel for Moscow, Lord Granville
having departed the day before. On the whole, I
do not think they have any reason to be dissatisfied
with their sojourn in St. Petersburg, where they
have received every suitable attention, although
certainly their presence has not caused as much
stir and excitement as that of their French allies,
who have been seen everywhere in their splendid
equipages, and doing the thing in grand style at
their magnificent hotel. The English residents here,
however console themselves with the reflection that
it is th 2 French manner to make a splendid burst at
first either in war or parade, and afterwards to
subside after the manner of their own delightful
champagne.. The British embassy it is thought will
come out strongest atMoscow, whither all the plate
and state carriages have been sent, and where a sa-
loon has actually been built, as I understand, in
order that our ambassador may have ample scope
and verge to do justice to our proverbial insular
hospitality. The rival, between the special embas-
sies will, I believe, be considerable, and a rather
humorous indication of it has already got into cir-
culation. It is said that Prince Esterhazy's agent
at Moscow, from having been'early in the field, was
able to obtain a suitable house for his serene high-
ness at the moderate charge- f 17,900 ro4les._ _the_
-month, but that the Prince subsequeniTYl hearing
that the British and French Ambassadors were re-
spectively paying 40,000, he indignantly cancelled
his contract, and insisted on having a house
at the same price. The serene ambition was
easily gratified. A new coat of paint, a new
name, and a new rate of rental, soon brought
the original. house up to the Prince's notion,
of what was suitable for the representative of the
Emperor. As lam now about to start for Mos-
cow in the wake of greater people, I think I cannot
do better than collect in this my last Petersburg
letter all the minor incidents of the past week con-
nected with the approaching pageant, and the pro-
ceedings of our special embassy, the members of
which of course, like other people, immediately
after their arrival, scattered themselves about to
enjoy the sights with which this magnificent city
abounds. Lord Ward, whose long residence in
Italy has, I believe, made him an admirer of reli-
gious ceremonial, took the opportunity of being
present at the Smolensko fete, an annual festival to
which the mujiks repair to weep, and subsequently
feast actually over the graves of their deceased re-
latives. While his lordship was gazing on this in-
teresting scene, one of the least absorbed of the
mourners contrived to abstract his wateh and
chain, in a manner that would have done honour
to a Landon professional, to the great surprise of
the aristocratic observer of Russian national cus-
toms. A greater wonder, however, yet remains to
be told, which is, that his lordship is likely to get
it back again through the agency of the English
majasin, the thief having by an odd coincidence
brought it to ono of the workmen, employed in
the establishment, for sale. Should he do so it
will be looked upon as rather a novelty in St.
Petersburg, as the Russian police are almost as
subject to legal doubts as the late Lord Eldon,
when called upon to decide on the restoration of
stolen property. Lady Peel drives about in her
fascinating " wide-awake" hat, much to the as-
tonishment and admiration of the Russian fashion-
ables, and Lord and Lady Stafford pay frequent
visits to their graceful little yacht, now lying
at anchor in the Neva. The Emperor has inti-
mated hig intention of inspecting this vessel
before she leaves, although, from the incom-
plete state in which she was hurried away from
England, she can hardly be said to be in suitable
trim for au Imperial visit. Lord Stafford intimated
so much to his Imperial Majesty, but the latter
would take no denial, and the visit will, I believe,
certainly come off. Fortunately for the visitors,
the week has been signalised by two important re-
ligious solemnities, to which the Russian people
attach the greatest interest and importance. I
allude to the blessing respectively of the water and
the apples, which is performed with all the pomp
and ceremony of the Greek Church. The first was
solemnised at Peterhoff, in the presence of the Em-
peror, on a small piece of water, consecrated for
the purpose. The Greek prelates and priests
walked in procession, dressed in their most gorge-
ous vestments, followed by the Imperial family,
&so walking, and when they came to the water-
side, the Cross was plunged in, the choristers sing-
ing a solemn chariot as the officiating prelate per-
formed the rite. The distance from town prevented
the presence of many strangers, but I recognised
some English faces amongst ;lie crowd. The second,
" The blessing of the apples," a ceremony which
forms an indispensable preliminary to the ,nastica-
tion of that refreshing fruit, took place yesterday
in every church throughout St. Petersburg, but
with peculiar pomp in the Kazan Cathedral, by
the metropo'itan and fifteen officiating priests. The
costumes were most gorgeous, and the Archbishop,
who was robed in the middle of the church, was
one blaze of gold and jewels. The ceremonies,
which seemed exceedingly complex, consisted of
numerous genuflexions, and symbolic grouping on
the part of the priests, who formed themselves into
squares, triangles, and other figures typical
of the Trinity, the Tabernacle, and the various
doctrinal data of Eastern Christianity. The
congregations, amongst which there was no
classification, and who stood the whole _ time
of service, was of tho most varied appearance
and charac:er. Russian princes and generals, co-
vered with decorations, prayed side by side with
the poor mujik, and both seemed equally impressed
with the solemnity of the occasion ; while the Rus-
sian countess, in the most fashionable Parisian toi-
lette, did not feel her dignity ruffled by the vicinity
of the poor Livonian or Finland woman, whose
quaint national costume gave wonderful variety to
the scene. In the churches here there are no care-
fully stuffed pews or separation of ranks—all pray
together, and perform their genuflexions, which are
exceedingly numerous, in the same earnest and
profoundly devout manner. Indeed, I have had
frequent occasion to remark, since my arrival, an
affability on the part of Russian people of distinc-
tion to even the humblest of their countrymen
which might be imitated to advantage by the Eng-
lish aristocracy, even in cases where the line of
social demarcation is by no means so broad. But
this by way of parenthesis. After the service
came a sermon, the text and character of which I
took the trouble of ascertaining for the edification
of your more serious readers. The preacher, Syd-
nowski, is a man of great eloquence and talent,
and, in consequence, of so much influence amongst
the masses as to be almost a power in the state.
He has, I am informed, suffered persecution from
his more conservative brethren for his advanced
opinions ; but however that may be, he is now one
of the most popular preachers in the capital. His
text was, "The Lord is mystrength and my shield,"
and his discourse, which he dexterously applied all
through, not only to the text, but to the occasion was,
judging from the rapt attention and occasional emo-
tion of the people, most eloquent. That it was deli-
vered with both grace and fervour was apparent even
to those who did not understand a word of the lan-
guage. At the conclusion of the sermon the Metropo-
litan came forward and solemnly blessed the people,
the apples, and finally himself, and a hymn of almost
unearthly solemnity terminated the ceremonial. I
should mention that the Russian choral singing is
very peculiar, having on one side the trebles, on
the other the, basses, the latter of peculiar depth
and force, being selected from the whole population
of the empire, without any consideration of ex-
pense. The boys, who have beautiful voices, sing,
for instance, " the Lord have mercy on us," and
hardly has the lute-like sweetness of their tones
fixed the ear, when, from the other side, the tre-
mendous basses thunder forth the same burthen in
reply. This music, which is without instrumental
accompaniment, sounds strangely at first, but
soon begins to attract by its strange and unearthly
solemnity. It must also be observed that almost
every person, whether priest or chorister, employed
in the service of the Greek Church, is of tall stature
and commanding presence, so that nothing is want-
in.- to eve effect to the general coup-d'oeil. But
the religious element seems to pervade everything
that is done in this singular country. Sunday last
was appointed by the Emperor for the double pur-
pose of receiving the cordon of the Legion of Ho-
nour, and of having the officers of the St. Jean d'Acre
presented. As a preliminary to both proceedings,
which took place at Peterhoff, his Imperial Majesty
attended divine service in the church attached to
the palace, and which is exclusively devoted to the
Emperor and court. I was fortunate in getting a
very near view of the Imperial family, and there-
fore took very little notice of the bewildering va-
riety of uniforms that filled the vestibule. Alex-
ander the Second is a slight well-made, man above
the middle size, but nothing approaching the Jove-
like proportions of the late Emperor. His face is
quite German, with a mild, almost saddened expres-
aiona but fall of thouglatfaum glad 41tellipage.

His Majesty's close application to business, which
is well known, may affect his looks, but certainly he
has by no means the appearance of robust health.
He drove up to tL•e palace in an open carriage with-
out the slightest parade, and received into his own
hand the petitions of a number of poor women who
were permitted thus to approach the fountain-head
of authority. This custom, which puts one in mind
of the Arabian Nights, is only followed in certain
cases, as it must be obvious that, if general, it
would occupy the entire time of the Emperor. As
his Majesty received them there was not the
slightest appearance of hauteur on his part, nor of
undue servility on that of his fair petitioners, who
simply curtseyed in a business-like off-hand way,
and retired much more composedly than I have seen

municipal dignitaries do in England when they
, were permitted to approach the throne. I mention
this little incident to show that, however despotic
the government of this country may be in theory,
it is much ameliorated in practice by the personal
deportment of people in authority, from the Em-
peror on his throne, the fountain of honour, favour,
and fortune, down to the humble " bootishnik"—
generally pronounced bootjack by early students in
Sclavonic—the Russian policeman, who tells you
about fifteen times a day that it is not permitted to
smoke in the street, and politely points out the an-
nouncement to that effect in the French language,
which is hung up in his little guard-house. I love
now read it so often that it is completely imprinted
on my memory, but I always find that a few civil
nods and winks—beyond, that, as Albert SmitL
says, the conversation is Apt to flag—and in
ea-
tritme cigar or IV'e copetks, gets out_
of the difficulty, and appeases the outraged dig-
nity of the law. In the late Emperor's time the
prohibition was rigidly enforced, but the present
Czar smokes himself, and has walked through
the streets with a cigar, and his loyal subjects
have not been slow in following his example.
At present, on ftome pretty generally in
the northern capital. The Empress, who fol-
lowed her august spouse into the church, is a
tall, lady-like woman, but beyond that nothing re-
markable. Her toilette was in excellent taste, very
similar to that of the Empress Eugenie, whose figure
is not unlike that of the Czarina. The young arch-
dukes aro all fine hearty little fellows, give the sa-
lute with true military precision, and look quite
smart in their tiny uniforms, each being of course
colonel of a regiment. The Czar himself wore the
dress of the Gardes a Cheval, one of the plainest in
the service. After church came the court, the pre-
sentations' and the decoration, and all the while
the grand fountains played, and the people on the
terrace could divide their attention between the
glittering crowds that filled the windows of the pa-
lace, the grim gigantic Cossack footmen, in full
national costume, the splendidly dressed negroes,
the relics of more barbaric times and courts, and
the murmuring cascades on the other side, through
whose long vista of diamond spray they could see
the Gulf of Finland, fit terminus to the perspec-
tive, as seen from Peterhoff Palace. The taste of

these fountains, which cost millions of roubles, is
by no means severe. The water falls over terraces
of Iduo and gold, and the jets are sent forth by Sam-
sous, dryads, frogs, and dolphins, cf the brightest
gilding and colours. The effect is excellent, and as
every one seems to like them we must suppose them
to be well designed, whatever the high art dicta-
tors may say to the contrary. I should add that
Peterhoff, which during the past week has been a
great centre of attraction, is approached by a ser-
vice of small steamers very punctually and regu-
larly performed, and constantly well filled with
passengers. To give an idea what the channel is,
it will be only necessary to state that we grounded
twice going down last Sunday, and this although
the captain is supposed to be familiar with every
inch of the way. A flotilla of hostile gunboats would
be sadly puzzled in these waters. This morning, and
this is my last bit of St. Petersburg news, the regalia
were sent off by railway to Moscow. There was a
grand procession of Imperial carriages, through the
window of one of which the great diamond crown
could be seen, to the station, escorted by the Che-
valier Garde, and the whole of the Nevskoi was
crowded with people, as the interesting cortege
drove past. St. Petersburg will henceforth be a
desert until after the coronation, and Moscow for
one month at least will witness a revival of its old
populousness and splendour.

PROJECT OF AN IMPERIAL OTTOMAN
BANK.

(ii.onb Vie Times' Correspondent.)

CONSTANTINOPLE, AUG. 14.

I send you to-day the project of an Imperial
Ottoman Bank drawn up by the Turkish Govern-
ment, and communicated to the different parties
who are desirous of undertaking such an enter-
priso. The whole project is a kind of resume of all
the different projects which had been submitted to
the Porte, and, as a project, there is very little to
say about its general features, except that it is too
elaborate and too perfect to arise all of a sudden
where there is as yet nothing, instead of beginning
morn modestly and extending itself gradually,
which would be the more natural course ; thus,
for instance, making the loan of 5,000,0001. ster-
ling a condition for the establishment of the bank,
and makinc, the withdrawal of the paper money
and the debased'' coin a preliminary operation rather
than a result of the bank cperations. In the de-
tails of the project the most remarkable point seems
to be the illusion which expects to get the loan of
5,C00,000/. at 03.
But it is not so much about the advantages or

disacivantoges of the project itself as the idea of is-
suing a project at all that I should like to make
some remarks. In theory there is certainly nothing
to say against the principle cf competition, from
which it seems to proceed; but, if one looks at the
project practically, there is no competition in it,
for competition implies offers on the part of tlw
companies, among which the Government would

have to choose flio most favourable, while with
this project the Government lays down its own
terms, which the companies will have to ac-
cept. Indeed, the only -Mot which the project is
likely to have will be rather to drive some of the
competitors from the market, and, among these,
probably those who mean it most honestly, for
the 5,000,000/. loan at 90 cannot be taken with-
out a heavy loss, which must bo compensated
so nohow or other, and it is to be expected that
those who are least conscientious about the
means by which they can make up for the loss will
bo likewise most ready to submit to it. But, as it
is even more probable that the Government
will find nobody who will take its terms, the whole
question will be reduced to a bargain at what rate
the loan should be issued, and thus the future in-
dustrial and commercial prosperity of the country
will be made dependent upon a secondary point of
only momentary interest.
The answer which the Turkish Government has
to this objection is, that the loans are concluded in
every other country in the same way. But the
circumstances in European countries are different ;
there loans are isolated operations, which affect
only very remotely the general system of credit.
In Turkey this loan involves the question of the
future financial condition of the country. The
chief consideration, therefore, which ought to lead
the Turkish Government in the choice' of the com-
pany for the formation of the national bank is
which of them offers the greatest moral guarantee
and which will inspire greatest confidence to fo-
reign capitalists who would be inclined to invest
their money in Turkey, for, according to the pro-
ject proposed by the Turkish Government, the Im-
perial Ottoman Bank will have such paramount
influence on the system of credit that it must be-
come the mediator, not to say the arbitrator, in
every investment of European capital, and nobody
will be disposed to lend his money without being
convinced of the irreproachable character of the
ruling national bank.
And this seems to me the chief objection to the
scheme which is afloat among the native moneyed
men of this place to form a bank principally of na-
tive capitalists, who having in their pockets a good
number of the Pashas who will decide the question
of the bank, have now some chance of success.
The worst feature in this project, however, is the
want of faith which it shows on the part of the
Turkish Government, and which is certainly not
calculated to encourage European enterprise in
Turkey. As you know, they have been negotiating
with the Ottoman Bank, and now all of a sudden
they turn round and treat the company like the
first comer. The negotiations were carried on
most briskly during the absence of the Grand
Vizier Aali Pasha by the Minister for Foreign
Affairs, and now, in order to account for the non-
accomplishment of the promises made, the Grand
Vizier is, as usual, made a scapegoat:
PROJECT OF AN IMPERIAL OTTOMAN BANK.
FIRST PART.
"Art. I. The Imperial Government will intrust a com-
pany, Composed of native and foreign shareholders, with
the formation of a bank, under the title of an " Imperial
Ottoman Bank."
" 2. The capitalists who shall undertake to form this
bAnk will be its 'founders ' and the capital of the !;014

4 0
4 -
—i
_44
„Itt
• i
4 '
•
will be formed by sharesiCarrY in the OBSGAieftiaiie -"40-
and partly in Europe., <
"3. The active canital of the bank will be'iri the be.
ginning 3,300,000 rEedjidie:S;ol:3,ooo,ooo/.sterling.7When I
the Ottoman Government or the bank may feel the ne-
cessity of augmenting this capital; the Government and
tbe bank will fix by mutual consent the sum for which •• .
. new shares will be issued, .
" 4. The founders will have to subscribe at least 20
per cent, of the 3,000,0001. sterling which is to form the -
capital of the bank, and they will have to deposit 20
per cent. of this subscription as a guarantee in the Bank
of England or France.
" 5. The bank will be placed under the general lawl
of the Ottoman empire in conformity with the funds,-
mental statutes, which will be established from the be-,
ginning by the Imperial Government and the founders,
and which will be published.
"6. The bank will be independent in its administra-
tion; it will be governed bydirectors, who will be named,
according to its statutes, by the founders and the share.;
holders. The administration and revision of the accountt
will be in the hands of a councl composed of members
named in equal proportion by the founders and the
shareholders. A certain proportion of the directors and
of the members of the council must be subjects of th 4.
Sublime Porte, The Imperial Government will have the
right of surveillance, and will name a governor, whose
authority will be defined by the statutes.
"7. All the operations of the bank will have to be
made in conformity with its fundamental statutes, be.
yond which no operations can be undertaken, and be.,
yond which the Imperial Government cannot force it to
make any transactions. If for some reason or other the
Imperial Government or the bank should think it neces•
sary to modify them or to extend the operations of the
bank, the Imperial Government will come to an under-
standing with the council of the bank to modify the
statutes in a regular manner.
" 8. The fundamental operations of the bank with the
public will be of the same nature as in the banks of
England and of France :
" (a) To discount bills to facilitate commercial opera.

tions.
" (b) To receive deposits of money at interest.
"(c) To make advances on moveables and immove.
ables (rncubles ct intincubles ), according to the special
rendations which will be made for this purpose.
The fundamental operations of the bank with -
,r4iblic will be :
"(a) To ioctitta irt4alMrs3ols attnited period, I': • -
(a terme), in the same way as commercial bills.
" (6) If the Government wishes, the bank will under.
take the payment in Constantinople of the interest of the
State loans.

"(c) The bank will undertake the transport of the
revenues of the Government, when the latter may think
fit to intrust the bank with it.
"10. The bank will at no time, and in no manner,
lend money to the Imperial Government, or to any
branch of the Administration.

" 11. The central establishment and the principal
cash office of the bank will be at Constantinople. The
bank may open branch banks in the provinces, which
will be chosen for this purpose by the Imperial Govern-
ment, zed the bank and there branch banks will act in all
their operations like the central bank.
" 12. ikg, in order to aid agriculture and industry, the
bank and its branches in the provinces will make ad-
vances on moveable and immoveable property, the Otto.
man Government, in order to give to the bank the great-
est possible security, will make special regulations for
this purpose and a mortgage law, in order to insure the
repayment of the sums thus advanced, and before pub.
lishing these regulations the Government will communi-
cate them to the founders and take their advice on the
subject.

613. In conformity to the statutes which will be
made by the Imperial Government and of the bank, a
part of the capital will be destined exclusively for this
kind of operations, and a decision of the Imperial Go-
vernment and of the banks will be necessary in order to
be able to augment the funds destined for this object.
" 14. The bank will neither lend nor receive money
at an interest higher than the maximum fixed by its sta-
tutes - in the same way a maximum will be fixed for the
rate of discount of Treasury and private bills. •
" 15. The bank will be authorised to issue bank-notes,
which will have the same force as metallic currency, and
the bank, as well as its branches, will have to redeem at
par in speoie the notes which it will have thus issued.
" 16. The bank will not be allowed to issue notes for
a larger sum than its capital of 3,000,0001. sterling, and
it must have always in its possession at least half the
value of the notes which it may have issued.
"17. The form and the value of each species of bank-
note will be fixed by a special regulation.
"13. The Imperial Government will have to with-
draw from circulation all its paper money, and will
never again put into circulation paper money, whether
bearing interest or not. The Imperial Government
will likewise have to alter its monetary system, which
will be never altered afterwards. It will never give to
any bank either in Constantinople or in the provinces,
the right to issue bank-notes.
" 19. In order to inspire the public with confidence
the banks, in conformity to its statutes, will publish at
fixed epochs the results of it operations. It will publish
likewise the general accounts, which it will give to the
sharehollers at fixed periods.
"20. The manner and the periods of dividing the pro-
fits of the banks will be fixed by special regulations.
" 21. The bank will have a privilege of 25 years. At
the end of that time the continuance of this privilege, .
-eielrer under the old statutes, or under new improved
statutes, will depend on the acceptance of the Govern.
meat and b 7 the bank of thfrpropositions which either,
make for this purpose, and at the expiration of this privi-
lege all the accounts of the bank will have to be regu-
lated and paid. - •

"22. Tn case of an unforeseen accident, if the bank
were in danger, in order to provide for the safety of the'
financial credit of the empire, as well as the interests of
the shareholders, the bank will have, according to its.
statutes, the right to invite a general meeting of its
shareholder., and, with their consent, renounce, even
before the expiration of its privilege, or else suspend for
some time, its operations.
.SECOND PART.
"Art. 23. In order to improve the financial system,
the Imperial Government, baying decided to withdraw
the paper money and the debased currency which are
now in circulation, will intrust the founders of the bank -
with the raising of a loan in Europe by commission for
Government accJunf, and for the sum which it will want
for this purpose.

"24. In this loan the bank will have no other function
but that mentioned above, and this will be an entirely
separate eatcrdrise, undertaken by the founders of the
bank ; consequently there will be no connection between
the shares destined to form the bank and those of the
loan.

"25. The Imperial Government wants 5,000,0001.
sterling for the above-mentioned purpose ; in order to
prove this want, it will prove from the Treasury registers
the sums which are in circulation in paper money and
debased coin. The Government will communicate these
documents to the founders of the bank, and, if necessary,
it will even publish them.
" 26. The founders of the bank will procure this
5,000,0001. sterling by making a loan by subscription in '
Europa. The Government will pay 5 per cent. interest
on this loan, and 1 per cent. for a sinking fund.
" 27. This lean will be iesued at 90'.
"23. The founders will act by commission, but they
will take, on forfeit, a part of the loan. (If somebody
else would take, on forfeit, a more considerable sum, he
should have the preference.)
" 29. In order to give the greatest possible confidence
to the subscribers, the Imperial Government will pay
the interest and the sinking fund of this loan from the
general resources of the empire ; and, to give an even
greater guarantee, the necessary sum will be taken from
the proceeds of the Customs which will be designated for
this purpose, and frcm the tribute of Moldavia, Walla-
chia, and Scrvia. The sums actually paid on the paper
money bearing interest, which will be withdrawn from
circulation, will likewise be allotted to this object. These
sums will be consigned either to the Imperial Ottoman
Bank or to the bankers designated by the founders. In
order to prove that the interests of this loan are carried
to the budget of State, as likewise the sums required to
pay them, the Imperial Government will produce, ac-
cording to its custom, the budgets of revenues and of
expenditure.
" 30. The Government having destined this loan for
withdrawal from circulation of the paper money bearing
and not bearing interest, and of the Essam Muntase, and
for the improvement of the debased coin, in order to
prove to the founders that these sums will not be spent
for any other purpose, it will intrust with these operations
the Ottoman Bank—that is, the Imperial Government
will come to an understanding on this subject with the
founders of the bank who are charged with the operations
of this loan and the administration of the bank, and a
special convention will be concluded between them, ac-
cording to which the proceeds of the loan will be con.
tegned to the bank, and in measure as the bank shall
withniraw the paper money from circulation it will pay
the correspondeLt sum in coin ; it will mark them by the
stamping them ; it will show them to the administration
of the bank, after which they will be burnt and destroyed
in the Ministry of Finance. As for the debased coins,
in measure as they shall come in to the bank, this latter
will pay their value, will withdraw them from circulation, -
and will ascertain their intrinsic value, which will be
employed for the same purpose.
" 31. As the execution of these measures, and above
all the change of the base coin which has to be with-
drawn from circulation, cannot take place at once, and
as the sums which the Government will have consigned
to the bank for this purpose would thus lie idle, while
the Government would have to pay interest for them,
in
order to guarantee the Imperial Government from such
a loss the bank will buy with these sums obligations of .
the old and new loans ; it will keep them, and sell them
when there is a necessity for it, and with the interest
which it will thus receive the bank will cover the losses
which the Government would otherwise have to bear ;
or, in case that some other sure and advantageous em.
ploy ment should present itself for these sums, the bank
will take advantage of it. This operation will have to
be made in conformity with a convention which will be
concluded for this purpose.
32. When the bank shall have terminated this pro-
visional service it will render detailed accounts of it, and
will publish them.

OP SOUTH WALES.—The Commerce of South
Wales is steadily increasing. In the port of Swansea
during the last half-year there has been an increase of
407 vessels, with 41,000 tons over the corresponding
pericd of 1855. At Cardiff the shipping has so increased
that more dock accommodation is necessary there and
at Newport. On the hills the various collieries and iron
works are in full play, and more are in progress. The
ship building trade is active. A fine iron ship of 3,000
toes has just been built at Neath, and many vessels of
increased size and tonnage are on the stooks pt all th
pertP,

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