The Sun.
London, England, 1869-05-17 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

The Stock Exchange WAS closed to day.
The demand, however, for money has been mo-
derately active at 41 per cent.
The corn market has been dull at last Monday's
currencies.

There were no gold operations at the Bank on
Saturday.
The Republic of Ecuador seems now about to
join the dishonest fraternity of which Mexico and
Venezuela stand at the bead. The President of
that State intimates that, in order to meet the ex-
pc.lises consequent upon indulgence in perpetual
honie conflicts, he finds it expedient to rob the
foreign bondholders of the slight payments hitherto
guaranteed to them by a lien on the customs. At
the same time he informs them that a contract for
debt ceases to be binding when there is a impossi-
bility of fulfiling it, the debtor himself being the
party by whom the question of possibility is to be
decided. Considering that the Custom dues are
actually collected by the Government, and that the
bondholders claim only 25 per cent. of Vas amount
thus tangibly obtained, it might be hard, if it were
not for the President's dictum, to understand in
this case how there can be any difficulty. The
President points out as an additional reason for
default the " onerous" conditions of the stipula-
tions enjoyed by the bondholders. These stipula-
tions were made 14 years ago, and practically con-
sist of an engagement to accept one per cent. per
annum for bonds which were issued to carry 6 per
cent.—even this poor composition of 1 per cent.
having been allowed to some extent to fall into
arrear. A meeting of bondholders is to be called
after the next. mail, and whatever course may be
adopted, it is to be hoped the committee will ab-
stain from addressing the Government with fine
phrases about confidence in its honour, and simply
confine themselves to such communications as may
be absolutely necessary. The class of offenders
among whom they have fallen would simply derive
additional zest from hypocrisy on the part of their
victims.

The Neva sailed to-day with £40,800 in silver,
and £lOO in gold for the West Indies. A further
amount of silver is expected to be shipped.
Messrs. Harrison and Fripp, oil and seed brokers,
of Leadenhall-street, have stopped payment, in
consequence of losses in oil and tallow, but chiefly
in the former article. Their liabilities, however,
do not exceed about £B,OOO, and a dividend of 10s.
in the pound appears to be expected. With refe-
rence to the recent heavy speculations in tallow, it
is rumoured that the losses of one well-known ope-
rator reach something like £30,000.
The failure is also announced of Messrs. G. Eil-
bcck and Co., warehousemen, of Milk-street, with
liabilities computed at £15,00►, of which a con-
siderable portion is due to Manchester houses. A
favourable liquidation is looked for.

The committee of Venezula bondholders have ad-
dressed, On °ugh Messrs. Baring Brothers and Co.,
a memorial to the Government of Venezuela, re-
questing the payment on account, or deposit with
third Parties, of the 10 per cent. of customs as-
signed to the British debt, pending the proposed
arrangement. Thereupon the Government of
eLezula have given an answer to the effect that
they have seen with satisfaction that the committee
do them justice by acknowledging their honest
intentions ; that it will be gratifying to them to
welcome the commissioner announced, charged with
instructions to settle definitely the claims ; that
they regret that the law does not enable them to
pay on account or deposit the 10 per cent. pending
an arrangement ; but in order to give an earnest of
their rectitude and good faith they have given
express orders to the collectors of customs to remit
the 10 per cent. to the capital, to be deposited with
the Board of Public Credit, until an arrangement
shall have been entered into. The commissioner
alluded to, it is stated, is likely to leave England
for Venezuela in the month of July next.

Advices from Paris announce the issue of the
Honduras supplementary loan for £2,000,000, the
proceeds of which are to be employed under trus-
tees in completing the Inter-Oceanic Railway con-
tracted for by Messrs. Waring Brothers and
Al‘Candlish from r,ea to sea. The loan is issued in
207,509 obligations of 300 f. (£l2), at the price of
225 f. (£9), bearing 20f. (165.) interest, and to be
redeemed at par within 17 years by half-yearly
drawiliLs. The subscription-list will be opon in all
the principal cities of the Continent from the 19th
to the 25,h inst. A syndicate of foreign bankers
has taken absolutely 62,000 cut of the 207,509
ohligationss and thus far the success of the opera-
tion is insured.
According to a statement of Messrs. Richard
Symonds and Son there seems likely to be a con-
siderable increase in the manufacture of imitation
champagnes,"
"sparkling hocks," and' sparkling
naoselles." From a circular issued by some Belgian
chemists it appears that they have patented a ma-
chine for the manufacture of such imitations. The
Produce can, it is stated, be sold at a franc a bottle,
or less than 10s. per dozen, and yield a profit of
more
than £3O upon 1,000 bottles. with the addi-
tional advantage that the residuum " can be
" Instantaneously made into vinegar." A list is
given of 93 houses to whom, among others, the
right to use the patent has been conceded, and as
this list is described as the third, probably the con-
cession has also been extensively made in Germany
and elsewhere. No doubt, considerable quantities
of these imitation wines will find their way from
France and Germany to this country, and be sold
as the genuine products of Champagne, the Rhine,
and the Moselle.

BRITISH FUNDS-CLOSING PRICES.

SATURDAT.

. 00VX11101ENT FUNDS.
6 per Cent. Consols
921 f
Ditto for Account,
ew 21 per Cent. Jan. 1894
1)0. 5 per Cen Jan. 1873
Do. for 30 yrs, expire sth April 1885 ll 15-16
Do (Red Sod Tele6raphp Aug., 1908,, —
lexchoquor Bills, £l,OOO, 1 2f per Ct —
Do £5OO
Do. £lOO & £2OO lO dis
Bank of England mock, 41 per Cent
De. opening
Canada 4 per Cent. Bonds
Inter-Colonial Otnntum

INDIAN GOVERNMENT SECURITIRO.
India i cock? 104 per Cent., April 1879
Do. Opening, for Account
--
Do. 5 per Cent. July, 1880
Do. 4 per Cent., 0ct..1888
Do. Certificates —
Do, Enlaced Pape. 4 per ()Ant., ... —
De. 5 per Cert., Jou. 1872 ........ lO4
Do. 54 per Cont. May 1879
Da b pet Cent., Rup. Deb. 1872 —
Do do 1877 —
Do. do. 1882 —
IL. Deb., 5 per Cent., Aug. 1873 —
Do. lends, 4 per Cent., 41,000
Do. under 41,000

ING pRICES.
FOREIGN FUNDS
Argentine Republic, 6 per Cent ... .
—CLOS
771
Do., Scrip 445 paid
_
I.tuatrian Bonds 5 per cent .•
Do. 1869 —
3irkzilian 5 per Cent
6
Do. q per Cent. 1852
75i
Do. do. 1858.....
be. do. 11169 --}
I.ho. do., 1863 —
U°
Do 5 per Cont., 1865 —
a 79 81
Account
-:enee Ayres 6 per Cent.
~, lio 2 per Cent. (Deferred 3 per Cent )
utupt, 6 per Cent.
o...than 6 per Cent —
Do. 4i per Cent - -
Do. 3 per Cent., ....
L o. 6 per oe,t. 1867 —
Do. 7 per Cent., 1866
0 lo nbian
L 6 per Ct.
ell'en. 3 per Cent., 1 enB2s
an,lia.n Principalities, 7 par Cent 76
Do 8 per Cent., 1867 —
k7quitdr New Consolidated, 1 per Cent.
Egyrtian, 7 per Cent"...
lic Se coed issue-
--
110. #5Ut. Bonds
Do. .C1(10 Runde ........................ . ••••
bo.
1.61 .... : ......
_
, Do. Account P. Do. Bonds .......................
1)0. 4.1()G Bonds . . .
Englisli Scrip,:184.
............
die
Do
do.
.f. 43 pd —
Governtrenl itailwav tiebentur,s ...• 98} 8
Graetc 5 per Cont., 1.82-1. 5, ex Coupq
t;°' 4,util ............................ • • 101
Coupons
Do• A.ceJout ............................ . • ---
..............................