The Sun.
London, England, 1869-10-09 00:00:00

IHE AMERICAN PRESS.

The Philadelphia Public Ledger observes, on the
return to business :

- - -
"The places of public resort are full; the schools are
in full operation, and the clergy have something better
than meagre congregations. On the whole, we are sure
that the busiest seasons of the year are decidedly the plea-
santest. Nothing is better as a conducive to self-congra-
tulation than the consciousness that you are doing some-
thing, and making daily progress. There is no more in-
tolerable condition than that of him who has nothing to
do ; no spur to exertion, and no hope that yourself or any-
body else will be the gainer by your efforts. Of all slow
but sure diseases ennui is most fatal to mind, morals, and
body. Practical people have added, during their vacation,
to their mental resources as well as their bodily health. They
know more, as well as feel better. Many of our prominent
legislators and statesmen have been circulating over their
own and over foreign countries, during the summer recess,
and will be all the readier to act understandingly, whether
officially or as amateurs. The West has- received due
attention. Alaska has been visited by Mr. Seward, whose
pet is that debated acquisition ; and several members of
Congress have done California and the Pacific Railroad.
The President has made himself almost as familiar in a
peace campaign with the North as he was with the South,
and has visited places which never saw a live President
before. We have often taken occasion to say that per-
sonal knowledge of our own country is one of the most
useful acquisitions that any man can make, whether his
sphere be public or private. We hope the custom of home
travel will grow. It should be every man's care, before
he crosses the ocean as a tourist, to be ready to answer
questions and impart information concerning his own
land. The tide of foreign travel is turning hitherward.
If American travellers do not bestir themselves intelligent
foreigners will soon know more of the United States, in
their length and breadth, than we know ourselves. Many
competent observers have been making tours through the
land during the summer ; and some of them with an eye
to business. We must take care that they do not sup-
plant us in our own homes by superior knowledge of our
own land."

The Philadelphia Ledger epitomizes the letter of
a Tennessee correspondent, having access to official
sources, who writes from Knoxville, dated 16th Sept.,
about the State debt. He puts down the present amount
at $40,000,000, having within a few years increased to
that enormous sum from $16,000,000. The annual inte-
rest is $2,400,000, the State expenses $900,000, making up
the sum yearly to $3,300,000. The whole revenue for
1868 was $1,205;544, with estimated receipts from rail-
roads of $877,642, making a total of $2,083,186, which
leaves a deficit of $1,216,814. Now this is not what can
be called an encouraging state of things, and the simple-
minded Tennesseean recurs to the remedy which most for-
cibly suggests itself to his imagination—repudiation. Nor
is the simple-minded Tennesseean without some form of
justification. Governor Brownlow, whose administration
was simply hateful to the mass of the people, created the
greater portion 'without their consent, indeed against it,
for the money was spent to keep on foot militia through
whom _he ruled. There aro bonds, also, for which no ono
appears to be responsible, against whose issue many of the
citizens allege impropriety and fraud, together with the
fact that incapable and reckless men were intrusted,
against the citizens' consent, with their affairs ; hence
they are not morally or legally bound to increase taxa-
tion in order to pay. The Ledger says—" However fal-
lacious this reasoning, and however unlikely that re-
pudiation will follow, it is still a point touching the State
credit, and may account for the depression of the prices of
the bonds. But it applies only to the new bonds, amount-
ing to some twenty millions." Although, it argues, its cor-
respondent may be right in alleging that the State can-
not bo sued, it dues not believe that any State in the
Uniori will so dishonour itself, and shame the nation. "It

has also been held that bondholders had a lien upon the
railroads, in aid of which the bonds were issued. It is
now admitted that the Stale has a lien upon these roads,
but it is doubted whether the holders of the bonds can be
substituted for the lion of the State. The bonds contain
nothing on their face which would warrant any such a
claim on the part of the holder. These securities are
taken upon the credit of the State, and aro not bought
with any promise on their face, or in any other way, that
they are secured by liens upon any railroad." We are
bound, however, to add that these are the latest New
York quotations :—" Southern and Border State Bonds are
generally strong, especially Tonnossees and Georgia."

EAGLE INSURANCE COMPANY,
LONDON.
REPORT OF THE DIRECTORS,
For the Year ending 30th June, 1869, read at the Annual
General Meeting of Proprietors, 13th August, 1869,
WILLIAM FREDERICK DE LA RUE, ESQ., Deputy-
Chairman of the Company, in the Chair.
The Report which the directors have now to submit to
the proprietor differs in its tenor but little save in one or
two particular from that laid before then, in 1868.
The income of the year, it will to seen, amounts t
£540,499 18s., and the total charger £445,077 10s. 9d
The difference, £95,422 7s. 3d., added to the balance of
the surplus fund at the eomnwneement of the licancial
year, raised that item to .£1,002,974 15s. 9(1., its present
amount.
SURPLUS FUND ACCOUNT, JUNE 30, 1869.
INCOME OF THE YEAR.
s. d.

DR.
Balance of account, 30th
June, 1868
eremiums on new assur-
ances
Ditto on old ditto 357,988 7 0

£ s. d

907,:;52 8 6

371,548 12 1
Interest from investments 120,939 12 10

Profit and loss, balance of
account ...

492,508 4 11

~... 47,991 13 1

rotal income

£1,448,052 6 6
Examined and approved.
THOMAS ALLEN,}
Auditors.
HENRY ROSE,
CHARGE OF THE YEAR.
x B. d.

CR.
Dividend to proprietors
Claims on decease of lives

assured
Additions to those under _ _

participating policies 24,304 6
Policies surrendered
Re-assurances—new
Ditto old 51,009 4 1

405,561 12 1
Commission
Medical foes
Income tax 3,017 15 8
Expenses of management 16,238 9 10

X s. d.
8,880 4 0

436,187 6 9

rota! charge
Balance of account, June 30, 1869, as per
balance-sheet

£1,448,052 6 6
The total of premiums received is £371,548 12s. id., of
which sum £13,560 59. ld. is for new assurances effected
in the year.
The interest from investments is £120,959 12s. 10d., or
£4 2s. per cent. on the net amount of tho company's
realised assets existing in June, 1868 ; and in connection
with this important feature of the company's affairs the
directors have the satisfaction of reporting that the profit
and loss account again exhibits a considerable profit,
amounting this year within a trifle to the sum of £48,000.
It may be remembered that a profit of nearly equal amount
was announced in last year's report.
Turning to the items constituting the charge of the
year, it will be noticed that the sum payable in satisfac-
tion of claims on decease of lives assured is larger than
usual. This circumstance, however, is not very material;
as was observed on a previous occasion, the proper quin-
quennial average is generally pretty sure to obtain, and
the fact that the average for the past two years barely ex-
ceeds £309,000 tends to confirm that statement.

The expenses of management are greater by nearly
£BOO than they were last year. They would have been
materially less but for the unavoidable cost of transferring
the compan3 's securities into tho names of additional trus-
tees. Taken as they are, however, these expenses must
be regarded as very moderate. It will be observed that
they are:only three per cent. of the total income.
BALANCE-SHEET. JUNE 30, 1869.
Dn. LIABILITIES.
Interest due to proprietors £6,757 17 0
);laims on decease of lives assured, and
A ddditions thereto unpaid 108,940 6 7
Sundry accounts
2-lier sums assured, &c. (1867) 6,336,626 8 2
Proprietors' Lund
Surplus fund 1,002,974 15 9

,
Examined and approved. £7,675813 010
7TIONIAS ALLEN,) Auditors.
HENRY ROSE,
Cu. ASSETS.
trueunt invested in fixed mortgages £1,661,699 9 2
Ditto ditto decreasing ditto 162,770 15 2
Ditto ditto Reversions 278,557 16 6
Ditto ditto Funded securities 491,303 4 2
litto ditto Temporary secu-
rities 198,207 17 0
iurrent interest on the above investments 30,934 4 6
sash and bills 12,256 15 10
Advanced on security of the company's
policies 165,357 1 8
Agents' balances
Sundry accounts
Value of prontituns (1867)
85,706 14 5
Value of re-assurances

£7,675,813 0 10

The balance-sheet does not appear to call for any re-
Mnrk. The assets are, of course, increased by the sum of
£95,422 7e. 3d. already mentioned, ns is shown by the
augmentation to that extent in the balance of the surplus
fund.

The Direction of the Company is now constituted as
follows:

WILLIAM FREDERICK DE LA RUE, ESQ., Chairman.
ROBERT ALEXANDER GRAY, ESQ., Deputy-Chairman
Charles Bischoff, Esq. James Murray, Esq.
Thomas Boddington, Esq. Philip Rose, Esq.
Charles Chatfield, Esq. George Russell, Esq.
SirJ. BullerEast, Bt., D.C.L. Thomas Godfrey Sambrook°
Wm. A7gustus Guy, M.D., Esq.
F.R.S. Admiral Tindal.
CaarlesThos.Holcombe,Esq. Right Hon. Sir John Young
Joshua Lockwood, Esq. Bart., K.C.B.

I) OYAL STRAND THEATRE.
rk, Sole Lessee and Manageress, Mrs Swanborongh.

THIS EVENING, at 7.30, AMONG THE BREAKERS: Mr
Clarke.
Followed by THE TOODLES: Mr Clarke.
After which, THE FIELD OF THE CLOTH OF GOLD:
Messrs Thorne, James, Fenton ; Mesdames Sheridan, Newton,
Maitland, &c.

T" SUN" NEWSPAPER.-G. R. GLENIE
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