The Sun.
London, England, 1867-08-12 00:00:00

COMMERCIAL INTELLIGENCE.

Although the late rumour;of war have partly subsided
since the article in 'the 3loniteur has been published, there
still exists increased heaviness in all descriptions of se-
curities. The tone of the continental letters seems to in-
dicate that the prospects of a rupture between France
and Prussia will be likely to hang over all the markets
and to interfere with commercial operations during some
Months. The Moniteur, however, has tried to bring about
a better feeling, and last week the official paper of Franco
published the following article:—"Several French and for-
eign journals publish statements calculated to disturb and
disquiet the affairs of commerce and industry. It is said
that our international relations tend to authorise the pre-
sentiment of a conflict more or less removed. Tho,for-
matiou of two camps and military preparations are an-
nounced. These reports are unfounded, and they owe
their origin and diffusion only to hostile passions, inter-
ested speculations, or lamentable credulity. The truth is
this, that the Government of the empire has no diplomatic
question of a nature calculated to modify its peaceful and
friendly relations with various powers. The Cabinet of
Florence has already taken energetic measures to protect
the Papal frontier. The September Convention will b 3
strictly carried out. No new camp is about to be formed,
either in the interior or on the frontier. The classes of
1860-1861 have all been sent back to their homes since
the Ist of Juno. The active army is actually only
composed of tho four contingents of 1862-1865 inclusive.
Tho contingent of 1866 will be incorporated, at the end
•of .Airgust, but it is the intention of the Government at
that time to allow the contingent of 7.e62 o-return to
their homes. The effective strength of the cavalry is
considerably increased on account of the purchases made
last April, but the Minister of War has detei*ned that
of these some 8,000 or 10,000 horses shall be disposed of
for agricultural purposes, and this measure is now in
course of execution. The Government is confident that
these precise statements will dissipate the feeling of un-
certainty which has pervaded public opinion." There is
still, however, great distrust in the public mind as to the
future peace in Europe, and with the present high price
of corn and the great uncertainty that exists as to the
fixture of so many limited liability companies, it is difficult
to say what is to bo the extent to which the plethora in
the Money Market will be carried. It acquires now
dimensions every week, and will very likely end in reach-
ing the same large amount ns. at theollank of France, and
discounts will have to be lowered even under 2 per cent.
The Russian 4 per Cent. Railway Loan has been
brought out for £12,000,000 in bonds of £2O, or £lOO
each, at 61 per cent., or £l2 4s. for a £2O bond. Sub-
scriptions have been invited in London by Messrs. Baring
Brothers and Co.; in Amsterdam by Messrs. Hope and Co.;
and in Paris by the Comptoir d'Escompte and Messrs.
Hettinger and Co. The instalments extend to the 31st of
March, 1868, 5 per cent. being paid on application, but
subscribers may pay up all the instalments under discount
at the rate of 4 per cent. per annum. A sinking fund will
reimburse these bonds at par' in eighty-four years by
lannual drawings, of which the first will taKo place on the
11th of October, 1868, and the reimbursement will be made
on the Ist of November, either in London,. Paris, or Am-
sterdam.

At the adjourned meeting of the Recife and Pernam-
buco Railway Company, it was shown that the whole of
the company's debentures only amounted to £253,850, and
that they had a guarantee from the Brazilian Govern-
ment of £56,000 a year to pay the interest and principal
if necessary. With such a guarantee it is surprising the
debentures are not renewed, as they,bear 7 per cent., and
are now offered at 95 per cent.
A letter from the chairman of the Norbudda Coal and
Iron Company has been published last week, to show
that the East Indian Railway was at times unable to carry
their traffic on account of the large number of coal
trains requisite to coal the lino, and if such was the case
in 1865 and 1866, what will it be in 1886, when the
length of the line opened will bo nearly double what it
was at the former date. It was with the object of re-
medying this state of affairs that the East India Railway
authorities were anxious to make arrangements with the
Nerbudda Coal Company for a supply of coal, and it is
greatly to be regretted that the Railway Home Board
should have taken the unusual course of repudiating the
acts of their agent.
The report of the directors at the meeting of the San
Paulo Railway states that as the half-yearly accounts
musthencoforth be agreed on with the Imperial Brazilian
Government before they can be finally passed on the
books of the company, it would be necessary to adjourn
the meeting to a future day. The board assured the pro-
prietors that the prospects of the company were IT
encouraging, and that the traffic, which to the present
time had been very satisfactory, was likely to ineretasbee
rapidly. The works remaining to bo executed, andbe.
ng
requirements of tho Government Inspector, wersub be
promptly carried out, and the whole would, no do t,
completed in the course of the present year.
At the adjourned meeting of tho holders oftiSepaenieseht
Passive bonds an amendment was proposed to
ff
that the meeting decline to accept any
terms
which
that the
ren-
dered necessary a compulsory cash
Committee of the Stock Exclia,ngePbarrseequautitefsastield to Icon-
security
tinue to refuse a quotation for any
until the claims of the Passive bonnedwheealeferrresdAbveyre a
large
satis-
factorily settled. The amendment watisenta.i 3
Ir. Robert-
majority, there only being
son thereupon resigned his sevastdiassscsluita
.irman, and Captain
his stead.
Isherwood was appointed to the
The returns of the Board of Tradeposte
steady amount of business. tainfloramjuohnentinodficsaltisipa-
ments was £15,490,091, being an
fin7creearseo f
cent. 6 first
compared with June, 1866, and ofta
1865. The total value of expo,eentio2pBs7:6llu3r,i4nBg4.,tblieeinfigrsat
half of the pi:esent year has b
conirpaereendt.levnitl that
ibatht enffilrBs6ts half. of
decrease of 51 per cent.
1866, and an increase of 25 p
The half-yearly report of oftehe London and County Bank
has just been published.f
tl
The best evidence of the. pros-
porous condition bank is the fact that the directors
o
were enabled
to declare a dividend equal to 22 per cent.
per annum. Great satisfaction was expressed at the
general meeting of tho proprietors, held last week, at the
e
care and prudence displayed in tho management of t
result
bank, to which, in no small degree, the successfnl
of the half-year's business was attributed. The extent
of the business carried on may besgoatohoeor,efdn from the fact
50,000 shares
that the subscribed capital is £2, 0
of £5O each, and the paid-uP capita'l £880,864, and the
dividend, including bonus and payment of income tax,
equal to 22 per cord.
Foreign, Mock, hayo DecoTors' Dzio4 negllctlci ; @Tory