The Sun.
London, England, 1867-06-08 00:00:00

1866 TONS.
Through East... $4,176,428 on 513,921= $8.12 per ton.
Through West.. 2,462,299 on 260,270= 9.46 „
Way Freight .... 4,622,913 on 2,097,314= 2.20 „

Total 511,261,640 on 2,171,505= $3.92 per ton.
--- -
Thus showing that though working expenses have been
increased nine per cent., the charge for carrying through
freight has been simultaneously reduced nearly twenty-
five per cent.
In our remarks last year, we took occasion to draw
attention to the item of "accounts payable," which we re-
garded as very unfavourable, we regret now to note that
this is increased from $3,551,980 to $4,894,452, being nearly
as has been expended on the construction account, so that
the simple result is that, for all or nearly all the boasted
improvements on the road, the directors have gone into
debt ; for, reckoning the decrease in the "materials on
hand," and the increase above alluded to, the whole
amount is accounted for. To sum up, we sincerely re-
gret to arrive at the conclusion that, there is scarcely one
point in the report which we can regard with unqualified
satisfaction, and fear that, unless some radical change is
effected in the mode of managing the company's affairs,
we shall again see it drift into the disastrous state which
existed some seven years ago.
There has been since our last of this day week a consi-
derable amount of business transacted in American Secu-
rities on the London Market, and up to Monday last prices
of United States 5-20's showed an advancing tendency.
From the highest point reached, however, there has been
a slight reaction, and they close 721 to 721 for the earlier
issue, and 701 to 711 for the 1865 bonds.
Illinois Shares on higher quotations from New York,
and in prospect of approaching dividend, have advanced
$2 ; viz., to 78+ to 1, at which they are firm. Eries,
which have not been well sustained, leave off 391 to 40.
On a renewed inquiry for Atlantic and Great Western
Consolidated Bonds they have advanced to 241 to 251,
after having touched 261. Certificates of Debenture at
31 to 32, aro one per cent. higher. Illinois Seven per
Cents., and Erie Third Mortgage have both advanced $2,
and Pennsylvania Sterling Bonds also show a rise of one
per cent.

(From L. P. Morton and Co.'s Circular.)

The subsidence of the excitement connected with the
Luxemburg negotiations has been succeeded by a general
stagnancy in financial affairs. With a brief exception
money has been abundant at 4 to 5 per cent., on demand
loans, and present indications appear to point to a pro-
longed ease. United States securities, however, have
shown considerable activity, partly the result of the fund-
ing of the short obligations of the Government, and partly
from speculation. Five-Twenties of 1862 have ad-
vanced 1 since the date of our last, and, owing to their
growing scarcity, are held with much firmness. The
foreign demand for bonds has been partly supplied
by shipments of Sixes of 1881, and Five-Twenties
of 1865, of the first issue ; and it would seem that, in the
event of any further material demand for bonds, some other
security than the Five-Twenties of 1862 will have to be
made available. The exclusive preference for Sixty-Two's
by foreign investors, has caused them to range about 3 per
cent. above other issues of Five-Twenties; whereas, in-
trinsically, they are no more valuable, and differ from
others only in respect to the date of maturity.
The speculation for higher prices in Erie shares has
drawn a considerable amount of stock from London, which,
in connection with the dullness of the stock market, has
caused a decline of 3 to 4 per cent. horn our last quotations.
It is estimated that about 10,060 shares of the stock have
been received from abroad during the present month. The
current earnings of the roads show, on the average, a
slight advance upon those of the same period of last year,
as will be seen from a statement of the traffic of leading
roads given below, but, notwithstanding, stocks are ne-
glected by the public, ar.d speculations for higher prices
are weakly responded to. Prices now generally rule below
those of the same date in 1866, as will appear from the
following comparison :
May 24, 1867. May 18,18 '6.
Erie, common 6O •.. 741
Michigan Southern
4 • •
Rock Island
Fort Wayne 954. 9
Illinois Central
Reading

As showing hovi fax this depreciation of prices is due to
the decided preference given to Government securities, we
present the following comparison of the prices of bonds at
the respective dates, from which it appears that Govern-
ments have advanced as much as Railroad shares have
declined.

May 24, May 18,

18-67. 1866.
United States Gs, 1881 coupon ... 112 109
do. 6s, 5-20's, 1862 do. 1091 1011
do. 6s, 5-20 s, 1864 do. ... 105 k ... 102
do. 6s, 5-20 s, 1863 do. 106 - ... 102}
do. 6s, 10-40 s
do. 7-30's, Trea-

sury Notes... Ist series 104 102 i
The heavy decrease in the shipments of cotton, concur-
rently with the maturing of the coupons of Five-Twenties,
has induced a free exportation of specie. The shipments
of specie and bullion at this port, from May 4th to May
22d, aggregate $7,144,598. This movement has caused
gold to range at rather higher figures. There is a steady
accumulation of gold in the country, so that its exportation
has less effect upon the premium than formerly. On the
Ist May, 1866, there was in the United States Treasury,
which is now virtually almost the exclusive deposit of
our specie, $76,676,407 of coin, and on May 1, 1867,
114,250,444, showing an increase during the year of
$36,574,037. As tending to throw light upon the balance
of our foreign trade, we compile from official sources the
following statistics, giving the imports and exports of the
United States for the first three months of the current
lear.
mports (entered in gold value)
Exports (entered in gold values) $14,525,590
Do. (entered in currency
values), $125,342,638,
equivalent in gold, at
136, to

Total exports 106,689,291

Excess of exports 511,934,832
These figures take no account of the movement of
securities, which, during the quarter, was largely in our
favour, and would warrant the addition of a few millions
to the above balance.

Owing to the failures in connection with the cotton
trade in this city, at New Orleans and at Liverpool, the
cotton market has been depressed, and the price of the
staple has not responded to the comparative exhaustion of
the crop as might otherwise have been expected, and
quotations range at tho same figures as at our last
dates, middling uplands being at the close 27 cents.
The receipts at all ports for the past week amount
to 14,800 bales, against 18,600 bales last week,
and the shipments to 38,800 bales • the present total stock
at all the ports is estimated at 355,000 bales.
Exchange closes at 1094 for 60 days' bankers' sterling ;
110-} for 3 days' sight; bills on Paris, 5•12 i to 5.14 for 60
days'; 5.10 to 5.081 for sight.

THE RICHES OF "RUSSIAN AMERICA." —The
same animals are probably to be mot with—with the addi-
tion of Polar bears, walruses, and reindeer—in Russian
America as in British Columbia, only to a lesser extent,
and many only a certain distance to the north. Such are
the great deer—the wapiti, the elk, and the caribou ; also
the black-tailed deer—the fallow doer of th© Pacific. There
are also Arctic hares and rabbits. The beaver is to be met
with in some rivers. BlaCk bears and grizzly bears are also met
with, as well as Polar bears; the skins are of little marketable
value, although making good rugs. Racoons are numerous
in some parts of the coast. There are two species of marten,
the yellow-breasted or pine marten, and one of a whole
colour, the skins of which are in great request, and are
collected in large number° by the fur traders. A good one
is worth from Gs. to Bs. There aro also common minks and
skunks. The skins of seals and otters are, however, the
most sought after,. There are two kinds of otters—the land
otter and the sea otter. The land otter is frequently shot by
the Indians, but the skin is of little value ; whereas the skin
of a full sized sea otter, undressed, and measuring six feet
commands the price of 30 blankets, £l2 to £l4. There are
also red and black wolves,land rod and silver foxes, squir-
rels (which aro shot in great numbers for the table), and
marmots. Birds, including swans, geese, ducks, plover,
snipe, and some land game birds are met with ; and the
seas and large inlets, as also the bays and rivers south of
the Arctic circle, are literally alive with fish. The shores
also contribute large edible crab=, shrimps, mussels., cockles,
limpets, clans, and other shell fish. Salmon are so nume-
rous that some of the rivers have actually been known to
become offensive from the putrid bodies of such as have
failed to make their way up the various falls.—Colburn's
New Monthly Magazine.
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