The Sun.
London, England, 1869-08-30 00:00:00

TRADE AND FINANCE.

It would a:most appear that the Turkish TZailway loan
or .1:12,t0 ),OCO, which has so lung been the subject of
Daoud Pa,lia's negotiations, is about to fall through.
The South Austrian Company has refused to
make the desired arrangements with regard to the
project, anti an attempt that has been made to organise a
special company with a capital of 150,000,000 francs to
take the place of the South Austrian Company has not
proved successful. MAO Pasha has returned to Con-
stantinople; and the negotiations, if renewed at all,
will probably be conducted on an entirely different basis.
It is stated that the Sultan, contrary to the opinions of his
intimate advisers, has determined to proceed with the whole
of the system at once, and this ambition has placed great
obstacles in the way of the necessary arrangements.
Now that the negotiations have failed, the Sultan will
be 'compelled either to greatly moderate his pretensions
or to abandon the enterprise altogether. We should
be sorry to see the latter course adopted, as the
proposed system would be a great benefit to commerce.
It would probably open up a direct trade with Persia
and the Turkish provinces, which have long languished
from the want of direct and rapid means of communica-
tion. Great difficulty, however, would be found in carry-
ing the plan into execution, as the ground to be traversed
is almost unknown, though generally admitted to be very
difficult from an engineering point of view.
The great event of the week has been the publication of
the Ilan for the reconstruction of the Albert Assurance
Company—a plan that is by no means likely to find
favour in the eyes of the unfortunate policy-holders. The
simple logic of it is that the policy holders are to sur-
render nearly the whole of the sums falling clue to them,
the older policies being reduced 40 per cent., and the
younger 5 or 10, but, while this reduction is to be made
in. the 'amount of the policies, the same premiums
as formerly paid will be demanded. The great
difference in the reduction to be made on the old and
new policies was, of course, necessitated by the impos-
sibility of getting the young liVes to keep up their insu-
rances, and we very much doubt whether they will not be
abandoned under any circumstances. It is impossible for
an office whose credit has been sa attacked to offer any,
inducement to new insurers, and the youngest policies
must also lapse--a fact which will prove fatal to the scheme.
The hardship to those who have been paying premium's for a
number of years is very great, but it is evident that no
satisfactory plan of reconstruction can over be devised.
We should have stated that the shareholders, under the
new plan, would be required to pay up the whole of the
capital, and the concern would so start with the
apparent surplus of £15,000. The shareholders would
then get 20 per cent. out of future profits, the remaining
80 per cent. being divided among the policyholders. It is
scarcely worth while to seriously consider the advantages
or disadvantages of a scheme which is not likely to see the
light, but, from a shareholder's point of view, nothing
could be more satisfactory under the circumstances
and nothing more unjust from that of a policy-holder.
The directors of the Bank of England have taken the
necessary steps for the payment of the dividends on
Government Stocks through the post. Applications are
to be made on the forms provided for the transmission of
the warrants. The applications must be lodged in future
before the Ist of September, but on the present occasion
the time has been extended to the 15th proximo.

In the case of the action of Mr. Aturphy v. the
l\Tayor of Birmingham, the Birnzinghant Cavite underetauds
that the writ has been served, and service accepted.
Mr. Thomas Scott Townsend, who had been itssis•
taut-surveyor under Government in Australia, was found in
his room, Surrey-street, on Friday with his throat cut. The
inquest was held on Saturday. No facts about him came out. it
was very inpti•rious the coroner said. The jury found that
he had committed suicido when temporarily insane.

A Church reconstruction meeting is to be held in
Dublin on Tucsdny text, when the expediency will be con-
sidered of a:kirg the Dukes of Leiuster and Abercorn to
call an aggregate meeting of laymen to consult on the steps
to to taken to bring about a representation of the laity in
the general Synod. The IliOtop of Killaloe has, at his visi-
tation, exho. led the Churchmen in his diocese not to re-
i.,ct the co-operation of such Protestants as may have sup-
ported the Church Act.
Thelndian papers state that the money-order system
is about to be ostablizlied between England and India.
Its introduction will probably date from the beginnine of
next year. It is said that orders on this country for £lO
will cost the sender 101 rupees, while orders on India for
00 rupees wtl bo grantel hero on payment of £lO 2s. As.
L)0 rupees la ladle represca a market value of little more
than £9 18c Bd., the difference of a commission between
the two aeon:ries will tell aping the Eno-Usti rat for than
anima thatalola drtoym.,