The Sun.
London, England, 1867-07-22 00:00:00

COMMERCIAL INTELLIGENCE.

The continuation of fine weather last week is
much in favour of the coming harvest, and satis-
factory reports arrive from all parts of the United
Kingdom respecting the crops, which has imparted
a considerable degree of heaviness to the grain
trade in Mark-lane. There are now great hopes
that the present harvest will turn out fair average
crops,
which will bring down the price of provi-
sions. Increased savings will be the result to the
working classes, and to those families who live
on small incomes. With a good harvest, and the
large amount of unemployed capital in all the
banks, we may expect an improvement in trade
this autumn, and greater activity in Stock Ex-
change securities. The real condition of most of
the public companies is getting every day better
known, and they will be more accurately appre-
ciated when the current balance-sheets of the half-
year are published. A more perfect knowledge of
the true state of each company will make share-
holders less anxious to part with their shares,
which, in some cases, at present prices, are
paying more than six per cent., until such time as
prices reach that figure, which will represent more
faithfully their intrinsic value, taking into consi-
deration the greater or less risk of the concern, or
the credit of the country to -which they may be-
long. A considerable rise will, no doubt, take
place in all public companies that are able to pay
bona fide dividends.

If foreign stocks are neglected, it is on account
of the fear of new loans being brought out. Al-
though Europe is at !peace, Governments are un-
able to balance their budgets. Each year supple-
mentary credits have to be met, and there is no
prospect, at present, that' measures will be taken
to reduce the large standing armies which the late
events in Germany and Italy have called forth.
Moreover, almost every country is in want of more
capital for public works; their railway system
requires extension. In Portugal a loan is required
to meet railway engagements, and the Brazilian
Government will be in want of more capital for
their railway system, and the war in Paraguay,
which is not yet over. However, by the last
accounts, the Ministers of Finance declared that no
foreign loan was contemplated ; the exchange had

fallen to 22:1 to 23 pence. In France it is pro-
bable that the city of Paris will require a loan of
£2,000,000 for the new Boulevards in the Faubourg
St. Germain, but that money will be easily raised in
Paris at about four per cent.
The almost total absence of any favourable events
to influence prices, or check the disposition of the
public to regard the prospect of all securities with
despondency, is further illustrated by the recent
quotations for Italian stock. A month or two
back some ground for anxiety was thought to exist
as to the tone that might be taken on matters of
public faith by a certain section of the Italian Par-
liament, while there was a conflict of opinion in
relation to the Ministerial scheme for raising, by
means of the alienationof ecclesiastical properties,
the large amount necessary to place the finances of
the kingdom in a sound position. According to the
last advices every effort has been made to restore
confidence and remove that position of doubt as to
good faith. Signor Rattazzi has intimated that the
Government had resolved not only to raise the full
contemplated sum of £24,000,000, but also to im-
pose any new taxes that may be necessary to satisfy
Europe that they are resolved to meet their
obligations. Those declarations are announced to
have been received wiUa degree of unanimity