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

COMMERCIAL INTELLIGENCE.

Although the late rumours of war have partly subsided
since the article in the .2lfoniteur 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 Jiang over all the markets
and to interfere with commercial operations during some
months. The Monitcur, 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. The_for-
mation of two camps and military preparations are an-
nounced. These reports are unfounded, and they owo
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 protec
the Papal frontier. Tho September Convention will
strictly carried out. No new camp is about to be formed

either in the interior or on the frontier. The classes of
1869-1861 have all been sent back to their homes since
the let of June. The active army is actually only

composed of the four contingents of 1362-1865 inclusive.
The contingent of 1866 will be incorporated at the end
of August, but it is the intention of the Government at
that time to allow the contingent of 1862 to 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 determined 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
future of so many limited liability companies, it is difficult
to say what is to be the extent to which the plethora in
the Money Market will be carried. It acquires new
dimensions every week, and will very likely end in reach-
ing the same large amount as at the Bank of France, and
I discounts will have to be lowered even under 2 per cont.
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'Escompto and Messrs.
nottinger 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
annual drawings, of which the first will tale place on the

11th of October, 1868, and the reimbursement w ill be made
on the Ist of November, either in London, Paris, or Am-

steidam

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 percent., and
are now offered at 95 per cent.
A letter from the chairman of the Nerbudda 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 largo number of coal
trains requisite to coal the line, and if such was the case
in 1865 and 1866, what will it be in 1886, when the
length of the line opened will be 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
must henceforth bo agreed on with the Imperial Brazilian
I
Government before they can be finally passed on the
1 books of the company, it would b 3 necessary to adjourn
the meeting to a future day. The board assured the pro-
prietors that the prospects of the company were highly
encouraging, and that the traffic, which to the present-
time had been very satisfactory, -was likely to inndcretahsee
rapidly. The works remaining to be executed, a
being
requirements of the Government Inspector, were
promptly carried out, and the whole would, no doubt, be
completed in the course of the present year.
At the adjourned meeting of the holders
tooff
,ppoaffnoisciti
Passive bonds an amendment was proposed I
vhfch ren-
that the meeting decline to accept any term
t, and that the
dered necessary a compulsory cash
Committee of the Stock Exchange PbseYnire7ue.sted to icon
tinue to refuse a quotation for any
n bondholders were satis-
ow Spanish security
until the claims of the Passive bonas
cari:ed
by
a largo
factorily settled. The amendment wntients. i
majority, there only being five dissehairman,
and Captain
Mr. Robert-
son thereupon resigned his seat as c
Isherwood was appointed to theposdteinfohris stead.
indicato
The returns of the Board ofTThera
total amount of ship-
steady amount of business.
men ts was £15,490,091, beingand aonf
li n7c rpeaois. eof 6 p
con
t.
en
cent.
e
compared with June, 1866,
,the first
1865. The total value ofhaesxpboertaentioxuBs7,dau3r,i47l
being a
half of the present
yneta.reompared with the first half of
decrease of 51-
1866, and an incpreerascosof 25 coffer cent. on that of 1865.
The half-yearly- repoLt. ofpthe London and County Bank
has just been published. The best evidence of the pros-
, porous condition of the bank is the fact that the directors
were enabled to declare a dividend equal to 22 per cont.
per annum. Great satisfaction was expressed at the
general meeting of the proprietors, held last week, at the
care and prudence displayed in the management of the
bank, to which, in no small degree, the successful result
of the half_year's business was attributed. The
of the business carried on may bog
000
from the fact
that the subscribed capital is £2,50g05,t000, in 50,000 shares
of £5O each,-and .the paid-up capital £880,864, 'and the
dividtiid, including. bonus and payment of income tax,
equal to 22 per cent.
Foreign Mocks have been very much 11egleCtta ; ()Tory