The Sun.
London, England, 1869-11-27 00:00:00

RATES OF FREIGHT AND CHARTER.

(From the Shipping and Mercantile Gazette)
The tonnage loading on the berth for India, China, and
the Cape of Good Hope amounts to 53,321 tons, and for
Australia and New Zealand to 32,711 tons.
The opening of the Suez Canal has, of course, been
the subject of much comment amongst those engaged in
the shipping trade during the past week, and various con-
jectures have been made as to the degree of success likely
to attend it, and as to the extent to which it will revolu-
tionise the trade with India and the East. The laying
open this new route has unsettled berth freights in that
direction, but they are firmer upon the whole.
The inquiry outwards for coal is, if anything, somewhat
more active, but rates remain the same as last quoted.
Homeward, charterers have in the present state of uncer-
tainty all but suspended their operations for the present,
and rates are, consequently, for the most part nominal.
Coal rates from Australia exhibit an upward tendency, but
there is not much doing.
There are a good many quotations for iron for next
month's shipment to the United States, but at the moment
the trade is somewhat dull. Steam tonnage is in some
request for cotton from the Southern ports, and id. per lb
is being paid from New Orleans.
Coal business to the West Indies is the reverse of
' animated. A few fresh orders, however, are in the market
for Tyne loading. Homeward chartering is slack, there
being but languid demand from most of the Windward
Islands, the greater proportion of the early orders being
already satisfied.
Brazil coal freights are easy, and the same is the case
with those to the River Plate. There are few charters
offering homewards.
From the Chinchas and neighbouring islands 6.15. per
ton guano is offered to Antwerp, and 625. 6d. to U. K.,
clearing at Payta, 655. at Callao. There is little also from
the West Coast.

Coal freights to the Mediterranean remain firm, but the
transactions recorded are not many. Most of the spring
wheat orders from the Black Sea are filled, and there is not
much to be provided for till June.
Steamers are securing pretty good rates for oats from the
further ports in the Baltic.

THE DUKE OF ARGYLL ON MINISTE-

RIAL DEPRESSION.

The banquet to the King of the Belgians, given on
Thursday evening by the Lord Mayor of London, was a
brilliant affair. The King's speech, did not rise
above the general' level of congratulatory speeches.
The Duke of Argyll, however, made one or two
noticeable remarks. The Lord Mayor, in pro-
posing the toast of her Majesty's Ministers, referred to
the " taunts" that Mr. Gladstone was depressed at the
last banquet. He referred that state of mind to his
conscientiousness. The Duke of Argyll, in reply, would
not accept the Lord Mayor's kindly excuse for Ministerial
depression. He denied that Ministers were depressed.
I believe (his Grace observed) that you have mistaken the
language of my right hon. friend. I believe it to be an
entire mistake that he is labouring or that we are
labouring under any depression of spirit whatever. We
feel the weight, we feel the responsibility of the position in
which we are placed. We feel the difficulty of some of the
questions with which we are are called to deal. But wehave
faith in our countrymen, and we have faith in the prin-
ciples which it is our duty to maintain. Then, passing to
the occasion of the gathering, the Duke said: "I trust I may
be allowed in a few words to express the sense of
the Government of the many near and dear claims which
the illustrious sovereign now present has upon our affec-
tionate regard. No British Minister can fail to know and
to feel how much depends on the character of the sovereign
and on the people, for the success of a constitutional
monarchy. As I believe it to be the highest and the
happiess form of human government, so I also do
believe it to be the form which requires a very high stan-
dard of virtue both in the Sovereign and in the people;
and when these virtues fail, the forms of constitutional
government may become, and they do often become,
the mere cloak of license, and the mere im-
munity for crime." The Duke continued : I
believe his Majesty the King of the Belgians to be
the only European Sovereign who has visited the British
Empire in India. He has visited it with that high intel-
ligence which belongs to him and to his race, and I believe
he knows more of our Indian Empire than a vast
majority of the English people; and from words,
gracious words, which fell from him yesterday,
when ho did me the honour of visiting the
voice, i neuseve nis Majesty would bear his testi-
mony to the high duty which England, with all her short-
comings and faults, is endeavouring to perform in
advancing tho happiness of so many millions of
the human race. And lam sure that his Majesty will be
glad to learn, as I think I can assure him, that though
there may be circumstances of anxiety at the present moment,
and of financial fear, these embarrassments, I believe, are
merely temporary, and that the Government which now
from year to year can afford to spend between £7,000,000
and £8,000,000 out of the revenue of the country on great
public works can only require to look its position in the
face to place itself speedily and surely on a sound founda-