The Sun.
London, England, 1869-04-19 00:00:00

TRADE AND FINANCE.

As we pointed out last week, the condition of the money
market is becoming very peculiar. There is a feeling of
great ease out of doors, but the return of the Bank of
England shews a very weak position of that establishment.
Some action must be taken by the directors to
remedy this state of things, which can only be done by a
further advance in the rate. It seems scarcely possible
that so high a rate as 5 per cent. could be maintained here
in the face of the very low quotations on the Continent,
as a large amount of capital would undoubtedly be
attracted to this side. Then, again, the American
exchange shews a rising tendency a sufficient
sign that the European demand for Five-Twenty
Bonds is satisfied for the present ; and as there is a large
balance of trade against the United States, exclusive of all
payments for interest on their securities, we may expect
considerable shipments of bullion from that quarter. Never
theless, there are some encouraging features which bid fair '
to restore the market to its natural state. A large amount
of foreign loans has been contracted for, or is in course of
negotiation, and these will absorb much of the surplus
capital that now oppresses Lombard-street. India will
apply for a small sum, and possibly our own Government
may make a demand in order to carry out the purchase of
the telegraph system. At the same time. there is a better
feeling pervading trade. There is more disposition on the
part of shippers to operate in Manchester goods, and, it is
asserted, a slight fall in tl:e piic.2 or cotton would induce
them to go in heavily.

(PROM OUR OWN CORRESPONDENT.)
FLORENCE, APRIL 13.
The reopening of the Chambers yesterday has been
marked by fresh postponement and renewed disappoint-
ment. The financial statement has been put off for the
third time, and is now announced for next week. In the
meantime the House is to occupy itself with the Budgets
which remain to be passed. I mentioned in a former
letter how distasteful this course would prove to the Left,
and how anxious that section of the Chamber would be
to get the financial statement of Ministers before laying
down their arms and allowing the Budgets to pass.
Accordingly the dissatisfaction expressed is great.
Already, before the termination of the recess, the prin-
cipal leaders of the Opposition had issued a circular to
their friends, which was, in fact, a kind of bill of indict-
ment against the Govere—ent for domereele extravagance
- . eeeeerveency ee tereeee, Len :y. itaw
the Republican movement, which has been just crushed
in the bud, broken out next week, as it was intended to
do, the position of the Government, attacked in and out of
Parliament, might have become very critical, although
the probabilities of a serious revolutionary outbreak were
less than some journals would have us believe. As matters
stand now, the Opposition, however eager for the fray,
must perforce wait for the financial statement before
making any attack, as the Minister of Finance has still
the same pretext for delay that he had before, viz., the
impossibility of presenting the arrangements with regard
to the Church property in a complete state. I have kept
you au courant from time to time as regards the shifting
phases of this affair, and your readers will think that
there is no end to the forms which it assumes. No one
can of course as yet be absolutely certain of the details of
the proposed scheme, but this is what is confidently
stated as to its nature. In the first place, the role of
financial deliverer is now to be entrusted to
the National Bank instead of to the Association
of French capitalists. It is alleged that it is not in con-
templation to make over to it any of the unsold property.
You will remember that I stated on a former occasion
that although about 200 millions of the ecclesiastical pro-
perty had been sold on paper, a very large proportion, more
than half, in fact, of this amount remains to be liquidated
over a term of eighteen years. It is with these and
similar future arrears that it is said that the operation is
to be effected. The Bank would thus make these pay-
ments in anticipation, charging a small discount. The
sum thus obtained is to be applied, as originally intended,
to the abolition of the forced currency, so as to procure its
extinction by the end of 1871. As, however, the pay-
ments which could now be thus discounted do not amount
to much more than 110 millions, it is difficult to see, if no
other operation is contemplated, how the 300 millions,
which all agree is the sum which the present convention
is to realise, can be prudently advanced by the National
Bank, unless the sales between this time and the end of According to present arrangements, the Queen is
1871 can be counted upon as certain to be brisker than expected to pay her annual spring visit to Balmoral on or
they have been hitherto. It is understood that the Bank about the 15th of May. Her Majesty is expected to remain
exacts as a condition of the agreement that it shall be for about four weeks.
entrusted with the administration and service of the Another death arising out of the recent aeainckidegntthaet
various provincial treasuries ; in other words, be consti-
Highbrooks Colliery, near Wigan, is reported, m
tuted the tax-collector and paymaster-general. It is also number of victims thirty-six. The fund for the relief of
believed that the bill will contain a clause placing the those who were dependent upon the victims amounts to
property of the " fabrics "on the same footing with the about £4,800.
rest, and thus putting at the disposal of Government the
180 millions which have been exempted from seizure by The case of Miss Sheddon, so familiar to the public
the recent decree of the Court of Cessation. Supposing Penzance, for man
-v yearsin the Probate Court, to-morrow, in a very
with past, is, it is said, likely to come before Lord
this to be a correct statement oLethe Ministerial project
important form. The Attorney-General or the Solicitor-
with regard to the Church property, there still'remains,
as I wrote last week, a terrible amount of public debt to General will probably lead in it.
be dealt with. To bring this within reasonable proportions, MURDER AND SUICIDE.—A murder was COM-
it is believed that we shall have a forced loan, the 'rated on Saturday afternoon, in Fleet-lane Farrindon-
terms of which are to be made as little burdensome as street, by 'a labouring man, upon a woman with whom he
possible. Incomes under22,ooo or £1,500 are to be exempted cohabited, and he then committed suicide. The man
from contributing, and the loan is to be paid up in six was of indifferent character, for he seldom worked, pre-
instalments spread over three years. At what total amount ferring, it is said, to live in idleness upon a small annuity
it may be in contemplation to fix it, we shall not know which the woman possessed, and upon the proceeds of fusee
until next week brings us the authoritative utterances of selling, which some of .the, woman's children carried on.
Count Cambray-Digny ;in the meanwhile we must con- It appears that the man and won an, whose names are
tent ourselves with the gossip of the parliamentary salons. respectively Territand Stallion, lived with the five children
The commissioners sent over to report on the wants of in two small,rooms, at 33, Fleet-lane, and on the mornirg
the island of Sardinia have collected a good deal of informs- of the tragedy Territ and Stallion, with two others, went
tion, and have, it is believed, arrived at the conclusion
to the HolowayPrison to fetch the eldest boyof the woman
that') the facts fully justify all that has been said as t(it
miserable condition. The distress among the peasants i: home, he having on Saturday concluded seven days' im-
still great, added to which, it is said that the eggs of their prisonment, to which he had been sentenced for stealing
terrible enemy, the locust, are easily distinguishable in some trifles in the City. The party celebrated the occasion
the soil. It is to be hoped that some means will be devised
lof killing them. As regards the evils of a more permanent by getting intoxicated, and the man Territ, while thus
character which affect this magnificent portion of e intoxicated, spoke as if jealous of the woman. He was
Italian territory, they are chiefly owing to the fault,. of seen going into his rooms about midday. Shortly after,
the population. Where nature has been so bountiful,
and the boy, who had just been brought home from prison,
the inhabitants are so incorrigibly indolent, the introduc-
tion of a fresh element seems the only remedy, went into the rooms and found both the man and woman,
The resources of the island are immense, but in those with their throats cut, lying in a pool of blood on the bed.
eases in which attempts have been made to work them by Dr. Wilson, of Farringdon-street,:i:e:lded, anif:m id I
means of foreign capital it has always been found necessary that both were dead. There is little doubt that the man
to import foreign workmen. A well-considered scheme of
colonisation might do much,' and railroad which woud drew the woman upon the bed and cut her throat, and
open up the interior of thq country might gradually intro- then cut his o ,vn, both actions being so effectual as to Ala favoUrithlCAAMAlAthtitgi_d_tiLtomulation. samitegligt, dt g_tiM

The leading event of the week, from a financial point of
view, has been the publication of a prospectus for a second
issue of bonds of the Nicolai (Russian) Railway Company.
The loan, however, has been met with little favour, as it is
ve)y evident that the finances of the Russian Govern-
ment, under whose guarantee it is issued, are in the most
desperate condition. The very terms offered shew that
there is something wrong, although foreigners are scarcely
able to tell where, on account of the mystery which has
always shrouded Russian finance. It is a four per cent.
Russian Government only secures £7,000,000, on which
they really pay Gi per cent. It is surprising that a
Government with a net revenue of 50 millions sterling
should not be able to borrow on more equitable terms.
We find, however, that the Budgets have been
estimated in deficit for many years past, and little
endeavour has been made to restore the finances to an
equilibrium. The estimated deficit for the present year
is £2,078,000 ; but, in all probability, it will be much
larger. It must be borne in mind that the whole of the
moneys raised ostensibly for railway purposes go into the
bands of the Government, who are supposed to provide
the railway companies with the funds as they requirethem.
It would be desirable for the bondholders to know what
progress the lines are making, and how much of their
money has been applied to the purposes for which it was
raised. As far as we can see, the progress made has not
been very great, as the guarantee on railways only
increased £15,000 in 1869 over 1868, according
to the Budget. As Russia borrowed largely
last year, both here and on the Continent, this
can hardly represent the true state of affairs;
and, certainly, the whole aspect of the question
is most unsatisfactory from a bondholder's point of view.
It is not probable, therefore, that many subscriptions will
be obtained to the loan in this market.
There has been a decided reaction in the tin trade, owing
to the unsatisfactory sale of Bonca in Holland. Prices
have given way about £3 per ton ; but, as we write, there
is more firmness apparent. In other departments of trade
very little of interest has taken place. The corn trade
has ruled very dull, and factors, yielding at length to the
pressure which has been put upon them, have submitted
to a further decline of Is. to 2s. per quarter. Even at this
reduction, howver, millers have shewn very little dispo-
sition to operate, and the transactions have been of quite
a retail character.