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

hat 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 chews 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 the price o' cotton would induce
them to go in heavily.

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 Nicoliti (Russian) Railway Company.
The loan, however, has been met with little favour, as it is
very 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.
loan of £11,000,000, issued at the price of 63, so that the
Russian Government only secures £7,000,000, on which
they really pay 6 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 o3tensibly 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 he 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 f 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 ls. to 2s. per quarter. Even at this
reduction, however, millers have shewn very little dispo-
sition to operate, and the transactions have been of quite
a retail character.

According to present arrangements, the Queen is
expected to pay her annual spring visit to Balmoral on or
about the 15th of May. "ler Majesty is expected to remain
fur about four weeks.

Another death arising out of the recent accident at
Highbrooks Colliery, near Wigan, is reported, making the
number of victims thirty-six. The fund for the relief of
those who were dependent upon the victims amounts to
about £4,800.

The case of diss Sheddon, so familiar to the public
for many years past, is, it is said, likely to come before Lord
Penzance, in the Probate Court, to-morrow, in a very
important form. The Attorney-General or the Solicitor-
General will probably lead in it.

MURDER AND SUICIDE.—A murder was com-
mitted on Saturday afternoon, in Fleet-lane Farrindon-
street, by a labouring man, upon a woman with whom he
cohabited, and he then committed suicide. The man
was of indifferent character, for he seldom worked, pre-
ferring, it is said, to live in idleness upon a small annuity
which the woman possessed, and upon the proceeds of fusee
selling, which some of the woman's children carried on.
It appears that the man and won an,-whose names are
respectively Territ and Stallion, lived with the five children
in two small rooms, at 33, Fleet-lane, and on the mcrnirg
of the tragedy Territ and Stallion, with two others, went
to the Holloway Prison to fetch the eldest boy of the woman
home, he having on Saturday concluded seven days' im-
prisonment, to which lie had been sentenced for stealing
some trifles in the City. The party celebrated the occasion
by getting intoxicated, and the man Territ, while thus
intoxicated, spoke as if jealous of the woman. He was.
seen going into his rooms about midday. Shortly after,
the boy, who had just Leen brought home from prison,
went into the rooms and found both the man and woman,
with their throats cut, lying in a pool of blood on the bed.
Dr. Wilson, of Farringdou-street, attended, and found
that both were dead. There is little doubt that the man
drew the woman upon the bed and cut her throat, and
then cut his o .vn, both actions being so effestual as to
mum immediate dtatl4,j