The Sun.
London, England, 1869-07-26 00:00:00

Excess of Imports £11,948,000

Including the month of April, the figures for
which, however, are not official, there is an adverse
balance against the United States of £15,202,000. In
addition to this excess of imports over exports, there is a
still more alarming feature in American finance, more
alarming because of a more permanent nature.We refer to the
large amount of interest annually payable on the bonds held
in European hands, which may be estimated to amount to
£13,000,000. Of course it is a difficult matter to arrive at
any conclusion as to the extent of the European holdingof
the bonds of the United States Government, but competent
authorities place the present figure at $900,000,000 United
States Bonds, yielding 55,000,000 gold dollars of annual
interest ; in addition to which there are probably miscel-
laneous and State securities, yielding annually 10,000,000
gold dollars, thus making a total payment for interest of
$05,000,000, or £13,000,000. So large a periodical drain
as this must of necessity impoverish the country, and
must tend to prevent that resucitation of the currency
which has become a matter of necessity in the States.
It must be borne in mind, in considering the above figures,
that they include the whole shipments of cotton and corn
made during the season referred to, and which, this year,
have been disposed of at very satisfactory prices. The
financial position of the United States is, therefore, not
favourable, and it is very evident that, elated by the
rapid absorption of their bonds on this side, they
have been led into extravagance, which other-
wise they could not have been guilty of.
Fortunately for the State, however, the course of events
has been such as to modify the influence of this evil,
Cotton has latterly tended upwards in price here, and the
Americans had previously obtained a large supply of
cotton goods at low prices, so that they have a great
advantage on this point. Again, it is scarcely probable
that the Bonds will be returned to New York while the
security for their ultimate payment is so good. A
6 per cent, bond, on a Government of undoubted
credit, obtained at about SO, is a security that
will always find a ready sale, and there is little fear of
the Five-Twenties being returned to America in any large
numbers.

The question here arises, whether it is not a misfortune
for the Americans to have so much of their debt held
abroad. The ultimate results will undoubtedly be a great
loss to the States, as for the bonds held on this aide the
Americans have not received more, on the
average, than 75 per cent. on the par in gold.
Therefore, for 1,000,000,000 dollars of bonds held
here they have received about 750,000,000 dollars only,
but, on redemption, they will have to pay the full nominal
amount. On the other hand, the present use of this
capital is a very great advantage to the United States,
and, as a young and enterprising nation, the Americans
can make it yield a far greater return than they have to
pay for the use of it, but not sufficient, we apprehend, to
cover the heavy loss that it must ultimately entail. With
regard to the present balance of trade against the States,
it may again be settled by fresh remittances of bonds,
but such a settlement must necessarily be far from a
permanent nature. In point of fact, the payment is alto-
gether postponed, the European creditors being disposed
to receive interest—bearing " promises to pay "—in the
meanwhile. We perceive some indications of a renewed
demand for Five-Twenty Bonds, especiallyamong German
speculators, and should this continue, the exchange will
probably again recede.

METROPOLITAN DRINKING FOUNTAINS. Earl
Grosvenor presided over the annual meeting of the
Metropolitan Drinking Fountain and Cattle Trough
Association, which was held on Saturday. The report
stated that there are now under the society's care 120
fountains and 125 troughs, and that the amount required
for the efficient maintenance of these was £1,200 a year.
A donation of £lOO was announced from her Majesty, and
one of equal amount from the Marquis of Westminster.
In addition to the chairman, the Hon. A. Kinnaird, M.P.,
and Mr. W. F. Cowper, M.P., were amongst the speakers.
FRANCE—AUSTRIA—ITALY—ROME.—It is con-
fidently affirmed at Rome (says the Pall Mall
Gazette) that a formal treaty is concluded between France,
Austria, and Italy, by which France, in case of war,
will be supported by Italy with a contingent of 50,000
men, while Italy will also occupy the province of
Viterbo. On the other hand, it is stated, in official circles,
that Prussia has promised the Pope 12,000 men, in the
event of his abandonment by France. But, in spite of
these statements, the authorities seem to be asssured of
French support, as workmen are now engaged in de-
molishing the last of the barricades raised against the
G aribaldians.

DISTITEMINCE IN A CHURCH. A sermon
was preached on Friday evening in St. Mar-
garet's Church, Liverpool, by Mr. Bennett, of Frome.
The church was densely crowded. In the course of his
sermon Mr. Bennett said that the Reformation was the
beginning of mischief in the Church, whereupon a
large number of the congregation loudly expressed their
dissent ; and one person rose to his feet and exclaimed,
" Out Protestant Churchmen !" This cry brought several
other persons to their feet, and some of them left the
church. A number of policemen were introduced to
maintain order. The interruption lasted for some time;
and, when order was restored, Mr. Bennett resumed his
discourse.

THE ZANZIBAR SLAVE TRADE.—A bill has
been brought in by Mr. Stansfeld and Mr.
Ayrton to regulate and extend the jurisdiction of her
Majesty's Consul at Zanzibar in regard to vessels captured
on suspicion of being engaged in the slave trade. It enacts
that the Consul at Zanzibar shall be deemed to have had
since the commencement of the Order in Council
of August 9, 1866, such jurisdiction as ordinarily
belongs to Vice-Admiralty Courts in her Majesty's
possessions abroad in regard to vessels captured on
suspicion of being engaged or equipped for the slave trade
in the following cases :—First, where a Zanzibar vessel
shall have been captured in pursuance of any treaty with
the Sultan ; and, second, where the vessel captured shall
not be entitled to claim the protection of the flag of any
State or nation.

THE NATIONAL PAPERS AND THE LAND QUESTION.
—The Irish " National " journals mainly discuss the
Church and land questions, the Irishman complaining
that the Regimn Donum and Maynooth compensations do
not come out of the Imperial purse ; the Nation
repeating strongly its advice of the week before,
that " local organisations "in favour of tenant-right and a
complete land bill should be established without delay in
order to get up "mass meetings" on the subject at a
future time. The Irishman announces that on the Ist of
August amnesty meetings will be held in Limerick, Bel-
fast, Waterford, and Wexford. The Flag of Ireland,
an offshoot of the Irishman, displays its animus in the
following paragraph on New Zealand :—" Such is the
happy state of the English settlement that rebellion
smoulders, and is beyond the means of the colony to
suppress.' We are highly delighted to hear it. The heroic
natives, struggling manfully for their independence
against robbers and plunderers much more savage than
themselves, have our hearty sympathy and our most
earnest prayers for their success. These successes are
surely hopeful for other struggling nationalities." The
Irishman thinks the " Government should hasten to die
establish landlordism."

THE WINNER OF THE QUEEN'S PRIZE 1866 AND
1869.—Some stories are told by a London correspondent of
a Scotch contemporary of Angus Cameron, the winner of
the Queen's Prize at Wimbledon this year and 1866.
Here is a tale of 1866 :—" Many north-country reader/
will no doubt remember a very worthy man, named John
Anderson, who was for many years a teetotal lecturer in
connection with the Scottish Temperance League.
Mr. Anderson has now established a Temperance
Hotel in London, to which a good many sobez
Scots resort, and among others Angus Cameron, before
and after the WiniLledon Meeting. Ile had won for the
first time the Queen's Prize, and had gone quietly
away to bed in this hostelry, giving Anderson strict injunc
Lions not to allow him to be molested. About eleven
o'clock p.m. a `howling' swell driving a mail phwton came
to the door, and imperiously demanded to see little
Cameron.' He's gaen till's bed,' quoth Anderson.
Never mind that,' replied the swell, 'call him down at
once.' I canna tak' it upon mysel' to be sae rude to ony
gentleman stoppin' in my Noose.' `Get out of the road, then,
was the angry response of the man with the thousand
year whiskers, 'and I'll go up and find him myself.' `Neel,
weel, sir,' quietly quoth Anderson, `I canna stop ye if sc
be ye 're determined ; but it's my duty tae warn ye that
my Noose is full o' unco' Scotsmen that have heard sic
stories o' the pliskies o' English robbers, that ilka ane is
sleepin' wi a pistol aneath his head, and, if ye dinna
happen on the richt bedroom, I wadna gie tippence fos
your life." The swell recoiled from the prospect of
revolver bullets fired by Scots in terror of robbers, and
grumblingly took his departure, leaving Angus to his
slumbers.