The Sun.
London, England, 1867-01-03 00:00:00

,1 z,T ~r

y MARKET

AND

!NTI7a,LIGENCR,

TWELVE O'CLOCK.
Biddings for bills on India took place yesterday
at the Bank of England. The proportions allotted
were--to Calcutta, 19.86.300 rs. (£198,630) ;to
Madras, 13.700 rs. (£1,370) ; and to Bombay,
15.38.500 rs. (£153,850). The minimum price was
fixed at is. 11d. on all the presidencies. Tenders
on Calcutta and Madras at Is. 104 d. will receive
about 65 per cent., those above in full, and on
B Jrnbay at Is. 10;14 and upwards in full.
The Green Fruit Market has been dull since
Christmas, and prices for oranges lower ; some par-
cels of St. Michael's, Terceira, Valencia, and Sicily,
soil by Keeling and Hunt at public sale, went at
easier rates. Lemons of good quality support their
value, stock being lighter than usual. Nuts of all
kinds in moderate demand, without alteration in
price. Seville sours have arrived, for which there is
some inquiry.

Business was resumed yesterday in the Foreign
and Colonial Produce Markets after the Christmas
holidays, but the unfavourable weather caused a
very limited attendance, and the operations in most
of the principal staples were of a very restricted
character. Sugar was in steady request at full
values, while moderate transactions were effected
in coffee at previous rates. Tea and rice, however,
were neglected, and quotations were nominally un-
altered. For cotton there was a better demand,
but tallow remained inactive, and quotations gene-
rally tended downwards in all positions.

Atlantic and Great Western Railway Debentures
arc firm at 50 52, and the Consolidated Mortgage
Bonds at 40 41.

Tho last week's Railway receipts, ascertained up
to this day, are iu round figures as under :-
1866. 1865.
Great Western 62,304 60,878
North Western 111,002 106,385
South Western 22,484 18,883
Brighton
i Hand
23,(;61 22,133 G
South Eastern
Great Northern
Lancashire and Yorkshire 46,378 42,202
Bristol and Exeter 5,691 5,243
North Eastern 70,209 70,132
Manchester, Sheffield, and Lincoln '22,587 21,564
Great Eastern
London, Chatham, and Doter 9,428 8,206
These returns, when compares with those of the
corresponding week in the previous year, are gene-
rally of a very satisfactory character. On the Great
Western there is an increase of £1,426 ; North
Western, £4,617 ; South Western, £3,601 ; Brigh-
ton, £3,857; South Eastern, £1,025 Great North-
ern, £2,357 ; Lancashire and Yorkshire, £4,176 ;
Bristol and Exeter, £448 ; North Eastern, £77 ;
Manchester, Sheffield, and Lincoln, £1,023 ; Great
Eastern, £2,502 ; and London, Chatham, and
Dover, £1,222. On the Midland there is a decrease
of £1,805.

Two oCLocx.
Very little business has taken place in' the Stock
Exchange markets, but sales having been pressed,
the movement is unfavourable. Railways espe-
cially have been depressed. Foreign bonds are
lower, and English Government securities are
rather less buoyant ; Consols, however, are still
90i f for money and the 10th inst. For the Feb-
ruary settlement the present price is 911 -1, a de.
cline off per cent. in the rates of continuation.
The New Threes are 89i ; Reduced Annuities,
89f Bank of England Stock, 248- ; India 5 per
Cents., 107 f ; and dittnEnfaced 5 per Cents., 101.
In the Foreign Market the changes have been
merely fractional. Greek have declined I, to 14i
,1-; Spanish Passive, to 204 21 ; the Certificates,
1, to 14 1; and Turkish 5 per Cents., 4, to 3211.
while Mexican advanced to 17i 18f ; and Italian,
to 52'1 53. The New Russian Loan is still firm
at s 1 prem.

American Securities are steady. United States
5-20 Bonds are 73/ ; Erie, 46 ; and Illinois,
82

In the Railway Share Market the dealings have
been to a fair extent. Great Eastern, Great
Northern A Stock, Lancashire and Yorkshire.
London, Chatham, and Dover and Midland have
each improved 4 ; while Great Western, North
'Western, and Manchester, Sheffield, and Lincoln,
have declined and Brighton,
The Foreign and Colonial lines remain without
material alteration. Bahia and San Francisco are
marked 13 ; Great Luxembourg 12i. ; San Paulo,
131 ; East Indian, 1041 105 ; and Grand Trunk of
Canada, at 191 201.
Bank Shares continue dull. Alliance are dealt
have declined to 81
in at 191 ; City Bank at 15i ; Imperial Ottoman
; and Union of Loudon im-
proved to 441 451.
Miscellaneous and Finance shares are in fair re-
quest, and generally at steady rates. Anglo-Ameri-
can.Telegraph are marked 151 16 ; City of Moscow.
Gas, 17:1 18 ; Hudson's Bay Company, 16! ; Na-
tional Discount Company, 14i 15 ; Peninsular and
Oriental Steam, 65i; aud CrystalPalaceSthek, 3031.

MINING MARKET.
Business in theTHURSDAY, Two o'Clock.
Mining Exchange has continued
` very animated, an
tend upwards.d prices generally '
The shares chiefly in request are West Chiverton,
Grenville, Tiny,
West Frances, Great
Trelm Rny e Wtallack, Grenville, East
, Ti ncroft, Providence,
North Roskear, Cooks' Kitchen, and North Crofty.
Subjoined are the annexed current quotatio :
Chiverton Moor, 41 ; Chon:ales Gold, 21 3 ;ns Clifford
Amalgamate, 81 91 ; East Basset, 21 22 ; East Caradon,
41 6; East Lovell, 81 91 ; East Wheal Grenville, 2f Groat RAallack, 23s 05 26s Od ; Great Wheal Vor, 17 171;
Marko Valley, 4f 1; North Croft 4;
North
21 3 ; Prince of Wale; 26s Ody, ; Treskerby,
27s 6d ; Prosper United,
31: 1; Providence Mines, 28 30 ; South Condurrovr, 12s
• 14s; South Grenville, 7s Od 98 Od; Tincroft, 14 15;
West Caradon, 121 131; West Chiverton, 54 56 ; West
Prances, 13 171; West Seton, 125 30; Wheal Buller, 221 23;
Wheal Chiverton, 61 7 ; Wheal Cr3bor, --s —8 ; Wheal
Grenville, 28s Od 30s; Wheal Rose, ; Wheal Seton,
140 143 ; Wheal Trelawney, 10 12 ; Wheal Uny, 2 2f ;
Care Camborne, 11 11 ; Central Minera, ——; Cooks'
Kitchen, 10 11 ; East Carn Brea, 21 3 ; Great Lazey, 17
1i1; Great South Tolgus, 12s 6d 17s 6d 21 23; St. Ives Consol ;South Prances,
Park, 2f 3. ; —; South Caradon,
—; Stray

BRITISH FUNDS—ONK O'CLOCK.
OCTERNMENT FUNDS.
3 Der Cont. Consols - ........................... 90/
Do. Account, Jan. 10 ........................ 90/
3 per Cent. Reduced ........................... 894
New 3 per Cent .............................. 894
Now 21 per Cent. Jan. 1894 ..................
Do. 5 per Cent. Jan. 1873 ..................
Nunuities, 30 yrs, expire sth Jan., 1880 •
Do. for 30 yrs, expire sth AprillBBs...
Do (Red Sea Telegraph), Aug., 1908...
xehequer Bills, £l,OOO, 4 per Cent ...... pm
Do .................. £5OO .........
Do ............ £lOO & „
£2OO

7 p
Bank of England Stock, 61 per' Cent 2481
m
INDIAN GOVERNMENT SECURITIES.
nqta it Stock, 10i per Cent., April 1874 Shut.
Ditto for Account —
DDu. 5 per Cent. July, Leso
Do. o. 4 per Cent., Oct. 1888 Certificates
Do. Do. Enfaced Paper 4 per Cent 5 per Cent., Jan. 1872 101
Do. 5} per Cent., May 1879.....
Do. DBoneb., 5 per Cent., Aug. 1873 •
ds,4£l, per 000 Cent., £I,OOO
FOREIGN FUNDS-0/%7E O'CLOCK,
A rgoutiue Republic, 6 per Cent .......
.lustrian Bonds, per Cent, 1.859
Bra Do. zilian 5 per Cent
4 per Cent., 18 ...52-58-60
1,............
1863 .....................
Do. 1865 .....................
Account
Do. £lOO 130nd.s
131,,:eK, Ayres 6 per Cent
Du .6100 Bonds .
D) 2 per Cent. (Deferred 3 per Cent.)
Lilian 6 per Cent
100
Do. 3 per Cent.
Do. 6 per Cent A
Do,
C )!onibian, 6 per Cent.
Cuba, 6 per Cent.
Danish 3 per Cent., 1825
Do. 5 per Cent., 861
Danubian Principalities
Do. Account
Filuador New Consolidated, 1 per Cent., —
Do. PlovisiJnal Land Warrant
Do Doferted
Esyptian 7 per Cout
Do., Second _lssue
Do XI 00 Bonds
86 Do. 1864
Do .€lOO Bonds
Do. Governnetit

Al WM' Debentures.
G...-ek 5 per Cents., 1824:5, ex Coupons 791
')u. U"Pons ................................. 5*

-----
Guatemala 5 per Cent.
' It3;ian 5 per Cent 1865
Do, Account
Do. Maremmana Railway —
&lexical; 3 per Cent
Do. Account
Do. 1864 —
Do 6 per Cent. Anglo-French —
ilontevidean 6 per Cent.
06
kloorish Imperial 5 per Cent
\low Granada l3i
Do 3 per Gen
Do. Deferral
--
Do Land Warrants (Hectares)
'eruvian 5 per Cent., 1865
Do 41.- per Cent. (Uribarren)
Do 41 per Cent., 1862
Do Account'
671
Thrtnguese 3 per Cent., 1853
4-2/-
Do 3 per Cent., 1856, '7, ,
, ,'9 '6O '62 '3.
Do. Account
dussiau 5 per• Cent., 182 42
2, X St B6i
Do 41- per Cent. 1830
D 3 41 per Cent., 1860 •
Do 3 per Cent. 1839
Do 5 per Cent. 1862
Do 5 per Cent. 1864
Do. Anglo-Dutch, 1866, all pail B6i
Do. do. £lO paid
Sardinian 5 per Cent
Do. Account .
Spanish 3 per Cent
Do Account —
Do Now Deferred
Do Account -
Do Passive
Do Account ..1
21 i
Spanish Cert. of Coup not funded —
Do Acc0unt...........
Swedish 4 per Cent......_.

Do. 4; per Cent. 1864

Do. Scrip, £6O paid
l'urkish 6 per Cent. 1854 — dis
Do. Account
Do 6 per Cent.. 1858
.1
Do. Account .............
Do £lOO Bonds
. -
Do 6 per Cent. 1862
Do Account
521
Do £lOO Bonds ...........
DO Account
' Do 6 per Cent., 1863
Do 5 per Cent., 1865
Do. Account
Do. 4 per Cent. Guaranteed
Venezuela 3 per Cent.
Do Account
Do 6 per Cent., 186-)
Do Account
Do. 6 per Cent, 1864
Ditto 11. per Cent.
Divideucts on the above payable in Lowto...
Austrian, 5 per Cent., Ex. 10 Florins
44 per cent. Ex. 25f.
Italian 3 per Cent. 1831, F. 25f.
Do. 5 per Cent. Account ... s2i 3}
TWO O'CLOCK,
Consols, Roney
1)0. Account, Jan.
Do. February 904
Is A.

................... 53

,merican Commerce t) be Extinguished

•
Under the above heading the New York Times of
Dec. 17 writes as follows :
" One of the most striking passages in the report
of the Secretary of the Treasury is that in which
he demonstrates the effect of high duties upon
raw material in diminishing and almost destroying
our once important business of ship and steamer
building. He shows that though formerly a first-
class commercial Power, and apparently destined
soon to lead the commerce of the world, we have
during the last six years been steadily falling behind
Great Britain, and if the diminution of our ship..
building and carrying trade goes on at the present
rates (of some 50 per cent. in six years) we shall
before long cease to be a commercial Power of any
importance. These serious facts are confirmed by
figures showing the decrease in American tonnage
from this country, and the increase in English em-
ployed in our port, such as the following
tonnage of American vessels engaged in the foreign
carrying trade which entered United States' ports
was--in 1860, 5,921,285 tons; in 1865, 2,943,661
tons ; in 1866, 3,372,060 tons. The tonnage of
such vessels which were cleared from the United
States was—in 1860, 6,165,924 tons ;in 1865,
3,025,134 tons; in 1866, 3,383,176 tons. The
tonnage of foreign vessels which entered our ports
was—in 1860, 2,353,911. tons ;in 1865, 3,216,967
tons ;in 1866, 4,410,424 tons. The tonnage of
foreign vessels which were cleared was—in 1860,
2,624,005 tons ; in 1865, 3,595,123 tons; in 1866,
4,438,384 tons. These statements have been
strengthened by a fact which has called forth some
public remark within a day or two—the approach-
ing sales of two steamers of the Havre line, they
being apparently the last American steamers on
any great line between New York and Europe- So
ends our expected great commerce in American-
built ocean steamers. Great Britain has a vast fleet
of iron commercial steamers plying over every sea,
built so cheaply and ingeniously as to drive out all
competition. In the grand business struggle of nearly
a century to get possession of or to lead the com-
merce of the ocean, the United States, that seemed
once on the point of victory, must now own to
defeat. She is not only a commercial Power, second
to Great Britain, but she seems destined to still fur-
ther inferiority, and to be almost driven from the
seas. The explanation of this mortifying defeat is
not to be found alone in cheap labour, for labour
was cheaper in Great Britain 25 years ago than
now, and the difference between what wages will
buy in the two countries is not so great as it was a
few years since. The difficulty is the same as that
which is gradually taking our machine manufacture
from us, so that machines for South America, for
instance, which used to be ordered in New York,
are now made in England. It is said that even
river steamboats will soon be plying on our waters
which were manufactured in Great Britain, because
with all the duties they can be made so much
cheaper there. This, as Mr. M'Culloch
wisely remarks, is a direct effect of the high
protective system, especially as applied to raw
material. It must be remembered that such a tariff
as we have now weighs upon every article which the
manufacturer uses—his iron, brass, steel, wood, coal,
and tools ; and he not only has to compete with the
cheaper labour of England, which he might do with
the aid of ingenuity, but he has to work on raw pro-
ducts which are all far dearer than in England,
owing to our exorbitant duties. More than this, the
effect of such a high yas the present tariff
of the raw bounty
offers, is to encourao-e' with the American producers
material, aearelessness, extravagance,
and want of business prudence and saving which
gradually render their production
There is nothing more expensive.
which stimulates economy, inge-
nuity, invention, and care like open competition.
The moment Government comes in to back up an
interest with excessive duties it becomes wasteful,
and soon loses the watchful care which before made it
successful. We have no doubt there is something of
this effect of very high duties even on our rnanufa,c-
turers as well as our producers of coal and iron. It
must be borne in mind also that the expenses of the
labourers are greater under the high duties upon raw
materials, and of course their wages must be greater,
and thus the cost of manufacturing be increased.
Our ingenuity, even under a revenue tariff, enabled
us formerly with dearer labour to compete with
Great Britain in shipbuilding and in many articles
of manufacture. It will again, if the immoderately
heavy duties on raw materials be removed, and pro-
duction of manufactures be thus cheapened, and in-
dividual expenses so be diminished. This country
is especially adapted to be a great commercial
country. Its forests of pines and oak, its mines of
iron and coal, its countless. bays and harbours, the
hardy men on the coasts trained to the sea, its
connection in trade with so many countries, and the
new link now forming between the East and Eu-
rope over California and the Isthmus all show that
if no false system be adopted, we shall become
annodw }
gradually and naturally the great carrier of the
world'sloßlpluartno produce, cioier,alatainioedn
coe take the place which Venice
,hearndhanGdr,eoautrßerointlaminerhceolbdse
destroyed by our own suicidal policy, by a fatal
mistake in political economy, we may in our
youth lose that which ewe can never re gain in our
pass out of
maturity, and the trade of the
world
our hands, and become merely a wealthy China,
where agriculture alone shall be the profitable
pursuit, and manufactures and commerce be left to foreign hands. Commerce is the great libe-
raliser and civiliser of a people. It brings a
na-
tion in contact with foreigners ; it is the best
school for a navy ; it prepares us for what is our
only danger in the future—a naval war. We must
always export our raw produce largely and import
luxuries, and we ought not to lose the vast profits
of the carriage. The American commerce of a
century to come may depend on the revenue and
protective system we now establish. Let Congress
sec to it that it be a wine and liberal QIIQ.