The Sun.
London, England, 1867-08-19 00:00:00

As harvest operations have now commenced in the
South of England the weather has some influence upon all
Stock Exchange securities. With fino weather, about an

average crop may still be secured, but with wet weather
the damage will be so much greater, as many fields have
been laid by the late storms. The fear of a bad harvest
and the general want of confidence prevents many busi-
ness transactions, and although the tendency is in favou
of a rise at the present low quotations, still any advance in

(price brings in sellers. Foreign stocks have been very
much neglected, and the attempt to bring out new loans
in the present state of the money market, is most im-
prudent. It is' believed that scarcely a single public
subscription has been sent in for the new Russian loan,
and the only effect of its introduction has been to cause a
depreciation of about two per cent. in the existing Rus-
sian Stocks. A hope is generally expressed that the
system of bringing out loans in rapid succession—each
new one at a lower price than its predecessor, will thus
have received a check. It is surprising that any respectable
firm can venture to bring out any loan at a time that all
description of stocks are more offered for sale than bought.
To invite public subscriptions at such times must end in
failure ; and how can the public be expected to subscribe
600,000 obligation bonds of £2O each, even at the price
of £l2 55., when Brazilian 5-per-cent. stock is at 75, and
Chili 6-per-cent. at 82, and every other foreign stock at
about the same depreciation ? Every stock requires rest,
and no new stock ought to be brought out until such time
as the old 5-per-cent. stocks shall have gone up again to
par. But business men seem to have no consideration for
the ruin they bring down upon the public that have had
sufficient confidence to subscribe to these foreign loans,
and who are daily exposed to see their stocks fall 5 to 10
per cent. by the issue of some new stock at that low
discount. If the credit of any country requires rest, it
is the credit of Russia. It appears that during the
last eight years no less than six loans have been con-
tracted. The loan of 1859 was for £7,000,000, that of
1860 for £6,210,000. The loan for 1862 was for
£15,000,000 ; theloan of 1864 for £6,000,000 ; and that of
1866 for £6,000,000 ; and the Orel and Vitepsk Railway
loan for £4,500,000. ln all, £44,710,000 since 1857. Ac-
cording to the last reliable statement of the whole Russian
debt, funded and unfunded, it amounted in 1863 to
£242,000,000, or more than 1,500,000,000 silver roubles,
and since that time it has, as we have seen, increased.
In 1864 (the latest year for which revenue accounts appear
to be:published) the revenue was £57,000,000, and the ex-
penditure £70,000,000. The new railway loan at ;4 per
cent. being issued at £l2 ss. in the £2O, or at £6l in the
£lOO, is offered at a price which would be equivalent to
about 764 at 5 per cent., or about 10 per cent. lower than
the loan of 1r36, which, bearing 5 per cent. interest, stands
at 86. How any Uovernment.that has any respect for its
credit can accept such terms is surprising; and it is to
be hoped that the non-success of this Russian obligation
loan will prevent other loans being brought out on similar
terms. No doubt the resources of Russia are great, but
no country can trifle with impunity with its credit.
The proposed railway dividends to the 30th of Juno
show a decrease when compared with those paid for the
first half of last year. Tho London and South-Western
pay 34 per cent., the Great Northern 44, the London and
North-Western 54 ; but the traffic receipts show an in
crease upon those of last year, since the Ist of July, which,
if supported during the autumn, may enable those com-
panies which aro well managed to pay about the same
amount of dividend as last year. Railway shares aro
firmer in price, and, as confidence returns, they will, no
doubt, be able to renew their debentures at reduced
rates, and more in harmony with the low rates of money,
and with increased traffic better returns may be expected
The Pernambuco Railway Company have announced
that their debentures, which fell duo on the 31st of July,
have all been renewed or provided for.
The last returns of the Bank of France show that the
metallic reserve has again increased, the augmentation
being 174 millions of francs. The total amount of the
metallic reserve at present is 903,000,000, or £36,120,000 to
1,149 millions of francs Of notes in circulation.
The fine harvest weather at the beginning of the week
caused an advance in the English funds. Foreign stocks
were a little less weak, the few changes that occurred
being upwards. In the share market railway stocks were
more active ; the best managed lines are looking up, and
there is more inquiry in miscellaneous descriptions
generally.—lirestminster Gazette.