The Sun.
London, England, 1867-02-23 00:00:00

TO THE EDITOR OF THE SUN.

Messrs. J. S. Morgan and Co., request the inser-
tion of the following letter, which they have re-
ceived from Senor Don M. Errazuriz, the special
agent of the Republic of Chili, in consequence of a
communication made to him by them on the sub-
ject of the proposed issue on this market of the
Internal Conversion Bonds, which have been the
subject of recent remark :

" do Lonn, Feb. 22.
" Gentlemen,—l have considered, with the atten-
tion due to the gravity of the subject, the represen-
tations which you have made to me as agent of the
Chilian Government, to the effect that serious im-
putations attach to my Government for not having
late communicated to you previous to the issue of the
bloan the fact that the loan of about five million
ollars, which in August last was contracted with
ankers in Chili, was to be represented by sterling
1
°,(B, the interest and sinking fund of which would
endpayable in England.
" I cannot admit that there has been any want of
couldfaith on the part of my Government, who
s'ouid not have made the communication which it is
8,11. ggested they ought to have made, inasmuch as the
tune elapsing between thedeclaration by the holders
of the bonds that they availed themselves of the
option reserved to them by their contract with the
of °,.vernment, and the issue of the recent loan did
su
Englan.
Mede to convey the information from Chili to
c." There certainly was no desire on the part of my
Pvernraent to withhold any information connected
wdith the lean in question, as is perhaps best evi-
tireecl by the fact that all the particulars of
e contract for that loan were submitted to the
rCommittee of the Stock Exchange on the applica-
eil for a settlement and quotation of the loan
entlY issued by your house.
Feeling, however, most strongly that the Chilian
faith, desire not only to observe perfect good
..:7"c, but scrupulously to avoid any- semblance of a
7, an t of straightforwardness in. their dealings with
ape'll public,. 1, us their only representative (ril(hough
,1Y Possessing specific powers in England), have
`4lenlecl it my duty to put myself in communication
th the gentlemen in Loudon who represent the
pcildholders of the Internal Loan Conversion Bonds,
Ind have urged on them to postpone offering their
t°l°llds for public subscription until I could represent
tl e circumstances to my Government. These gen-
t enieu at once acceded to my suggestion, and will,
between
the next mail, communicate with their principals,
whom and the Government I trust satis-
.a. °tory arrangements may be made for postponing
proposed issue, which, in any event, will not
(_4lse place until further instructions have been re-
ceived from Chili. These instructions cannot be
looked for before Juue next.
_ " In conclusion, I can with every confidence as-
dsure you that the course which my Government may
ecide on adopting will be dictated by that earnest
esire which had always animated them, of maintain-
ing the high credit which Chili enjoys iu Europe.—
I am, Gentlemen, your obedient servant,
" MAX. ERRAZURIZ.
" Special Agent of the Chiliau Government.
"Messrs. J. S. Morgan and Co, 22, Old
Broad-street."

Two O'CLOCK.
According to Reuter's telegram from Paris te-
ch% the French Rentes were 69f. 85c. Firm.
Notwithstanding extreme inactivity, values at
the Stock Exchange have closed buoyantly. Con-
-4018, for example, are 901 91 for money, and 90
15-16 91 1-16 for the account, the latter show-
-% an almost infinitesimal advance.
All Foreign Securities, despite the fluctuations of
the week, are better at the finish ; American Seca-
Vies, likewise, are slightly in the ascendant, and
English Railway Shares manifest greater firmness.
ogthese and other circumstances there is plenty
°f evidence to show that the public have been
bears," and are now disposed in most cases to
close their accounts with substantial profits.
ijhe New Threes and Reduced Annuities were
L'z ; Exchequer Bills, 17s. prem. ; Bank of Eng-
-44,„nd Stock, 254 ; India 5 per Cents., 107 ; do.
.r...tifaced 4
328 per Cents., 841 ; and do. Bonds, 308. to
. prem.
Scrip'
Stocks generally show a slight advance.
has improved 11. to 11 dis. ; Russian
Greek
it scrip
to
21 -I prem. ; Mexican to 171 ;
b to 16 ; Spanish Passive, if to 221 23 ;
.
17-
the
Certificates i to 141 15 ; and the Turkish 5
53C5e411.te* Ito 31 Italian Loan were firm at
t°• Pr Danubian Loau Scrip has improved to par
AtaArkfiraler tone has prevailed in the Railway Share
Greate.t' and Prices generally have tended upwards.
We —daetern, Lancashire and Yorkshire, North-
eeNitl-ern, Metropolitan, and South-Eastern have
each
4toproved
Great Western and Midland,
; and Brig .
.r Brighton 1f
any
Foreig
eiaeo iteration and Colonial lines remain without
of importance, Bahia and San Fran-
tacit ibging marked 12k, Great Luxembourg 12,
10$ 106 i, and Great Indian Peninsula
tank
8,
tile of t "arearemaininactive. Chartered Mercan-
-34-; 'lldia) London and China, have improved to
ef -.A!„,:erldna and'Westrainster, to 94,1 ; and Union
Lare.3tralia, to
47i ;
fwhile London and County
declined t -
4iseellat, o 63i'
rate re —eous and Finance shares are in mode;
16i 1714 est ; City of Moscow Gas are dealt in a
; Anglo-American Telegraph at 15 ;
eetrie ,
l'anY at telegraph at 134 ; Hudson s Bay Com-
et 66. 1 ; and Peninsular and Oriental Steam
Secnl‘l°°llb urineiiirnil:lisrevails in the market for American
have declined to. 76177 i ;
6-20 13:1:t. are firm, at 37 ; but United States
antic
an have advanced to 73f- /.
have n, a" and Great Western Railway Debentures
4-tertie'yveance to 31 32, and the Consolidated
13 on ,
2-, to 24 25.

ALINING MARKET. ~ . A nli SATURDAY,
, exec]. aro the current quotations :
k;•tr ,
Two o'Ciocx
' 4 Caltlborne,
tales
; Chirorton Moor,
Xit 2„°l4' 21 2i; Clifford Amalgamate, 51 6 ; Cooks
7 7i ; Chou-,
° ---..1
."..
; DrakeWOUS, —s --s; East Basset, 17 19 i