The Sun.
London, England, 1867-09-11 00:00:00

COMMERCIAL INTELLIGENCE.

The same want of confidence still continues in mono?,
transactions. The general public are out of town, and busi-
ness feels the effect of their absence. There is, however,
a greater tendency to a rise than a fall ; and it is the
general opinion that before many months the large ac-
cumulation of specie savings will cause the public, to
seek investments. The shock given to public credit by
the extraordinary discoveries made in the management of
some of the railway companies, and in many banking and
other companies, is of too recent a date to be soon for-
gotten ; time only can smooth down the losses that have
been incurred by so many investors. The evils of the past
are, however, a good guarantee of better future manage-
ment, and the position of many companies will, no doubt,
improve next year, as a more careful audit will be kept
up, and a better control will be given over investments.
Capital will no longer be carried to revenue account to
increase dividends, and precaution will be taken against
fictitious accounts, so as to protect the public against any
further deception. At all the railway meetings the share-
holders expressed themselves warmly against any
further
extensions or increase of capital. They are willing to
abandon even those lines which have obtained the sanc-
tion of Parliament. It is expected that most railway com-
panies will be able to get rid of some portion of their
liabilities.. By reducing further outlay on capital account
most of the great companies will be able to pay better
dividends. The traffic of the country is always on the
increase, and if railways could only remain a few years
at rest, they would no doubt again give remunerative re-
turns, as most railway boards are now doing everything
in their power to reduCe expenses, which will, no doubt,
end in more uniform rates, less competition, and larger
profits.
No great change has taken place in foreign stocks.
They are influenced by the fear of new loans, and the
general tenor of political news in Europe, which at pre-
sent is not considered favourable to peace. Time only
can show the effect of the aggrandizement of Prussia,
which is looked upon with distrust by France, and causes
a fear that it may lead to further annexations. The speech,
however, of the Emperor Napoleon in answer to the
President of the Chamber of Commerce at Lille is in favour
of peace, when he says : " Business would progress better
if certain journals did not exaggerate the situation. I hope
that commerce will improve with the certainty of peace,
and I will do everything in my power to restore confi-
dence." With peace, no doubt, foreign stocks must go up
in price. At the same time, most foreign Governments
are in great want of money to pay their dividends and
balance their budgets. The exchange on St. Petersburg,
Rio, and Vienna continues very adverse, and no money
can be remitted without a very heavy sacrifice. At Rio,
in the Brazils, the exchange has fallen to 21d., and a new
loan must be expected as soon as the war is brought to a
close.

A report on the finances of the Russian Empire, by Mr.
Consul Michell, has been published, and furnishes general.
information on tho subject. It appears from it that in the
thirty years, from 1832 to 1861 the national liabilities
experienced an increase of £216,500,000, or at the rate of
£7,000,000 per annum, and that since that period, when
a reform in the arrangement of the public accounts was
effected by the energy of M. de Reutern, the present
finance minister, the yearly amount of the loans resorted
to has been at the rate of £15,500,000 sterling. As far as
can be gathered, the aggregate debt on the Ist of January
last was £286,604,363, of which 71 per cent. was home
debt, and 29 per cent. foreign. It further appears that
while the indebtedness of the State increased 200 per cent.
in the twenty-one years from 1845 to 1866 the ordinary
revenue increased only 75 per cent. The foreign trade of
the country remains almost stationary, and the population
increased only 11 per cent. A large amount of incon-
vertible notes has been issued by the State Bank to meet
the demand of the Treasury ; it has long been unable to
meet its engagements to pay specie. Nor could it return
to the public their deposits if demanded, except by a cor-
responding new issue of paper. Since the commencement
of this year, additional loans of £4,000,000 and £12,000,000
sterling have been introduced here and on the Continent
for railway purposes. In 1864 the Russian revenue was
£57,000,000, and the expenditure £60,000,000.
The demand for coal on account of the Abyssinian
expedition has caused a considerable rise in the rates of
freight, particularly for the Cape and Bombay. As much
as 70s. to 955. have been offered for steamers to carry coal.
As the quantity shipped from this country to Bombay
within the last few months has not been far in excess of
the general consumption, high freights will have to be
paid. This question of the rise in price in coal at the
Cape and at Bombay will be a serious matter for such of
the railway companies and steam companies as draw their
supplies from England. It therefore behoves them to
avail themselves of Indian coal in every possible way, and
thus render themselves independent of contingencies simi-
lar to that which has now arisen.

IlaQ half-yearly diyidlnd Opected tQ DO rail 1)y tliQ