The Sun.
London, England, 1867-10-19 00:00:00

demand loans has advanced from 4 to 5 per cont., to the
full legal limit, 7 per cent.; and, for the last two days,
loans have been effected with some difficulty, while dis-

counting operations are much interrupted, prime paper
being current at 7 to 8 per cent.
The stringency in money has checked the strong up-
ward tendency in railroad stocks arising from the liberal
crops. Erie has declined 111 from our last quotation,
69k; while Illinois Central, owing to the satisfactory con-
dition of its finances, has remained steady through the
fluctuations of the general market. Tho prices of shares
generally nage from 5 to 10 por cent. below the current
price at the beginning of the month.

The money pressure has caused a -moderato realising
movement upon United States Securities; but the steadi:
ness of the quotations for Five-twenties at London and

Frankfort, together with considerable purchases of Seven-
thirty Notes by the Government, has held in chock the
consequent downward tendency in prices, and quotations
do not vary materially from those given iu our last cir-
cular.

The condition of our financial relations with Europe
being at present an element of much importance in esti-
mating the probable course of the premium on gold, and
in judging of the future value of our securities abroad, we
have endeavoured to ascertain, from official records, the
probable balance of our trade with foreign cauntries, for
the period extending from the commencement of the war
to the present time. The Government returns for that
period are not so entirely complete as could be desired ;
as the exports of domestic produce are recorded in cur-
rency value, there is some difficulty, owing to the
wide fiuctuatioas in the gold premium, in ascertaining
the precise equivalent in coin of these returns. Our data,
however, are the best obtainable ; and as the gold aver-
ages are made with much care, we do not think the results
of our estimates, given below, can be considered as diverg-
ing far from the truth. From the subjoined statistics it
will be seen that the course of our foreign trade, for the
last six fiscal years, shows an excess of imports over ex-
ports amounting to $256,422,071. These figures, how-
ever, can scarcely be considered as representing the
whole foreign indebtedness incurred within the pe-
riod. To the debtor side of the account must be placed
the interest accruing upon European investments in the
United States ; which, for the six years, cannot be esti-
mated at less than $120,000,000. It must also be taken into
account that the imports are, in not a few cases, invoiced
under their true value, in order to save duty ; that during
thelast four years there has been alargo increase of smug-
gling operations, especially in costly merchandise ; and
that an enlarged proportion of our imports are now carried

in foreign vessels, involving the payment of freight to
foreign carriers. In allusion to these items, the Secretary
of the Treasury says in his last report:-"But these
figures, taken from the reports of the custom-houses, do
not present the whole truth. For many years there
has been a systematic under-valuation of foreign merchan-
dise imported into the United States, and large amounts
have been smuggled into the country along our extended
sea coast and frontiers. To make up for under. valuations
and smuggling, and for cost of transportation paid to
foreign shipowners, twenty per cent. at least should be
added to the imports, which would make the balance for
the past year against the United States nearly $100,000,000.
It is evident that the balances have been largely against
the United States for some years past, whatever may have
been the Custom-house returns. On no other ground can
the fact be accounted for, that a very large amount of
American Bonds is now held in Europe which are esti-
mated as follows, to wit :—United States Bonds,
$350,000,000; State of Municipal Bonds, $150,000,000;
Railroad and other Stocks and Bonds, $100,000,000. Total,
8600,000,000."
Perhaps the secretary's estimate that 20 per cent. should

be added to the imports upon those considerations may
be regarded as excessive; although the well-considered
views of a Minister of Finance must be awarded their due
weight. It may, however, be' very safely estimated that
the combined items of under-invoicing, smuggling, and
transportation, require an average addition to the imports
of 7i per cent., which, upon the $1,942,147,510 of imports,
for the six years since the commencement of the war,
would amount, in rcund numbers, to $145,000,000.
Adding this amount to the excess of imports over exports,
and to the interest accruing upon foreign investments, we
have an adverse balance, accumulated within the last six
years, amounting to over $520,000,000 in gold.
It would be impossible to estimate from these figures the
amount of United States securities sent to Europe within
the period under review. They certainly show, however,
that the highest estimates may bo correct, and yet a large
open balance remain against us.
From an appended statement of exports and imports for
the ten years next preceding the war, it will be seen that
when wo commenced the war with a comparative clean
account with the world the balance against us for that
period being only $26,000,000.
The gold premium has shown much sensitiveness under
political events in Europe, and the utterances of .ertain
irresponsible politicians in favour of the payment of United
States Bonds in currency ; but liberal sales of coin by the
Treasury have prevented an advance from these causes.
Foreign exchange is quiet, and rates weak. Importers
are deferring their remittances in expectation that the
payment of the November coupons, amounting to about
$25,000,000, will reduce the premium on gold. Bankers' GO
days' sterling bills are quoted 109} to 1091; ditto 3 days',
1091 to 1091 ; bills on Paris, GO days, 5.171 ; ditto 3 days',
5.15.

LONDON GAZETTE.-LAST EVENING.

FOREIGN OFFCE, OCT. 17.

The Queen has been pleased to approve of Mr. John
Johnston as Consul in New Zealand, to reside at Welling-
ton, for his Majesty the King of the Netherlands.

WHITEIIALL, OCT. 16.

The Queen has been pleased to present the Rev. Alex-
ander Bryson to the church and parish of St. Michael's, at
Dumfries, in the presbytery and county of Dumfries,
vacant by the death of the Rev. James Fraser.
ADMIRALTY, OCTOBER 17.
The undermentioned officers have this day been pro-
moted to the rank of Navigating Lieutenants in her
Majes's fleet :—John Aylen, Esq., William W. Hutton,
Esq., John F. Barnes, Esq., Albert R. Wonliam, Esq.,
William F. Anstey Greet, Esq., John T. Partridge, Esq.,
Herbert T. Gimson, Esq., Robert Towers, Esq., Henry
F. Woods, Esq., William C. E. Parker, sq., Daniel M.
Browne, Esq., Charles A. Browne, Esq. (Acting), and
George K. Moore, Esq.

COUNTRY MARKETS.

LIVERPOOL.-FRIDAY.

There was a small attendance at to-day's market, and no
disposition to buy was evinced. White wheat may be
called is per contal and red 6d down from the highest point.
Flour nominal. Oats and oatmeal decidedly easier. Bar-
ley 2d per 601 b, and beans and peas is to 2s per qr. down,
with a retail sale. Indian corn in fair offer, and little in-
quiry, at 3s per qr less money—prime mixed being obtain-
able at 47s per 4801 b.