The Sun.
London, England, 1869-02-16 00:00:00

TRADE AND FINANCE.

The attention of the commercial world is now being
forcibly directed to the Anglo-French Treaty, which is
now about to expire. No notice having been given that it
will not be renewed on either side, the two nations will
continue to treat on the same terms until 1871. Manufac-
turers on both sides complain of the injury done to their
industries by the privileges extended to opposing
interests, but the trade accounts chew that, while par-
ticular departments may have suffered in consequence of
the greater competition, the treaty has been productive of
the greatest good to both parties concerned. it is not
probable that a treaty which has had such beneficial
results to the consumers of both capitals will ever be
allowed to drop. On the other hand, the Free Trade
party, which is making such head in France, will probably
agitate until they arrive at an extension of the facilities
cranted.

We notice that the ratifications of the commercial treaty.
between Italy and Switzerland have this week been ex-
changed. Under the " most-favoured nation " clause of
the Anglo-Italian Treaty of 1863, several articles of British
produce and manufactures will become liable to a reduc-
tion of duty.
The prospects of the stock markets are good. Not-
withstanding the continued heavy withdrawals of gold
from the Bank, in consequence of the adverse state of the
exchanges, there is still a large amount of capital seeking
employment, which is likely to be still further augmented by
the payment of the dividends not yet due. Steady specula-
tive transactions have accordirgly taken place in foreign
bonds, which, under encouraging advices respecting the
Eastern question and the generally peaceful
aspect of Continental politics, have gradually tended
upwards. Large amounts of stock are held under
advance from the Banks, who find this the most
remunerative, though not the most legitimate
mode of employing their capital. The quotations have
accordingly been daily on the advance, and are now
higher than they have been for many months past. The
same facts apply to the railway market, but
here a new element comes into operation. The
accounts ordered by the various companies have pioved
to be more favourable than was anticipated, and this has
induced large purchases for bona fidl investment. The
new system of accounts, as ordered by the Board
of Trade, which the companies are now compelled
to adopt, gives additional security to shareholders,
enabling them to judge of the position and
prospects of their property with some approach to the
truth, and preventing much mystification on the part of
directors and others with regard to the state of the
finances. These circumstances will continue to act
favourably on both the foreign and railway markets,
and we are inclined to believe that prices
have not yet seen their highest points, especially
for British railway shares. There appears to be a growing
impression that, under careful and economical manage-
ment, these securities will assume their proper position in
the market as a means of investment, which should be
second only to home stocks. With regard to the Consol
market,however, the future does not appear sobrilliant. Any
movement in prices will probably be for the worse. The
exchanges are likely to continue to rise against us, and in
the face of continental withdrawals of bullion we cannot
look for any improvement in the value of home stocks.
The most prominent feature in trade during the week
has been the excited state of the sugar market. Specu-
lators, acting under the belief that the insurrection in the
island of Cuba will shorten supplies, have operated
freely, and the quotations have accordingly advanced
'Ls. per en C. Tln purplua 1.. flat etoolco cabthe four prin-
cipal ports, as compared with last year, is now reduced to
about 10,000 tons. It is more than probable that Cuba has
seen the end of her vassalage to the Spanish Crown, but it is
doubtful whether the prospects before her are more bril-
liant than before. Slave labour must be abolished, and
the cultivation of the sugar cane will probably receive a
check in consequence. We believe, therefore, that the
present condition of the market is fully justified by the
circumstances in which it is placed.

METROPOLITAN GOSSIP.—Monday.

The Queen is holding a Privy Council at Osborne to-
day, where, of course, the royal ratification will be given
to the Speech from the Throne, which will be read to.
morrow by Lord Hatherley. To-night the Speech will be
read by Earl Granville to the dinner party which will be
given at his house, 16, Bruton-street, and by Mr.
Gladstone to his guests at 11, Carlton-house-terrace. It
is usual for copies of the Speech to be sent to the Oppo-
sition leaders, and I presume, therefore, that it will be
communicated by Lord Mahn esbury to his guests at
Stratford-place, and by Mr. Disraeli to his at Grosvenor-
gate. To-night, by the way, is the last occasion on which
Lord Malmesbury will officiate as leader of the Con-
servatives in the Upper House. As you are aware, the
mover and the seconder of the Address in the Lords will be
the Earl of Carysfort and Viscount Monck. The first-
named nobleman is better known as Lord Proby, under
which title he represented Wicklow County for ten years,
and was Com ptroller of the Household in Lord Palmerston's
and Lord Russell's last Administrations. He is 44 years
old, and came into his title last autumn. Lord Monck is
50 years of age. He, curiously enough, is also connected With
Wicklow, being a deputy-lieutenant of that county. He
was formerly a Lord of the Treasury, but is best known
as Governor-General of Canada. The Hon. 11. F. Cowper,
who, will move the Address in the Lower House, is the
second son of the sixth, and brother of the present, Earl
Cowper, and is closely connected with the De Greys. He
but 33 years of age, and has probably been selected
un
nl
01
as the representative of the Palmerston section of the
Liberals. He has fought three gallant battles in Hert-
tfohredssheciroend
,aerndofhtashe won two
roefprtehsee
innt; the interestr. ldea
w,
represented in Parliament for the first time—the working
class. He is avery able man, is closely identified with the
Nottingham trade, and fought a very severe battle at
Sheffield, where he beat the political Thersites, Mr.
Roebuck.

As regards the Speech itself, I have reason to believe
that it will be rather general and vague. " There will be
nothing particular in it," is what is said by those who
'Mara will he a recommendation in
favour of the reduction of the national expenditure.
The Irish Church will of course be mentioned, and
commended to the most serious consideration of Parlia-
ment ; but the nature of the measure to be brought in
will not be clearly indicated. Under.these circumstances,
and considering, too, the largeness of the Ministerial
majority, the Opposition are not likely to criticise the
Speech at much length. They will do wisely to confine
their strictures to the faults of grammar and punctuation,
without which no Royal Speech would be perfect.
I learn that in future the ships in the royal navy will be
commissioned for five year, instead of three, and that no
captain's commission will bo for less than two-and-a-half
years.

The Conservatives have made another failure in the
election petitions. At the last moment the Liberal agents
at Gloucester have been informed that the petition against
Messrs. Price and Monk will not he proceeded with. This
has caused some 'surprise, as a large number of witnesses
had been subpoenaed, and counsel had been retained.
There is to be a great meeting of Welsh Liberals at the
Freemasons' Tavern in London on the 23rd. A large
number of influential Liberal M.P.'s from Wales and
Monmouthshire will dine together, and the Hothe
Secretary will preside, for though he has lost his seat
at Merthyr, Mr. Bruce is still by his property a
Welshman. It is expected that Mr. Bright will
be present, when he will have an opportunity of thanking
Welshmen for complying with the request which he made
before the elections at the celebrated Liverpool gathering
of Welshmen, that they would take a greater interest in
politica than they had taken previously,