The Sun.
London, England, 1866-06-11 00:00:00

NEW WRIT.

Col. TAYLOR moved that a new writ be issued for thD
election of a member for Nottinghamshire, in the room of
Lord Stanhope, called to the House of Peers.
The writ was ordered.
STRAND UNION.

Mr. J. SI
Et OhNe askedinquiry
ePresidentthe
treatment o f thee Poor
oor
thek
eLawte
Boardin
whetherthe Strand Union Workhouse was completed ; and
poorwhether he would lay a copy of the evidence and the
.re-
port founded thereupon upon the table of the house ?
Viscount ENFIELD said the inquiry had taken place,
and ho hoped to be able to lay the report on the table with
the least possible delay.
AUSTRIA, PRUSSIA, AND ITALY.
Mr. KINGLAKE said he was anxious to ask a question
of the Chancellor of the Exchequer, and it was, if possible,
to elicit the advice which her Majesty's Government had
given to some of the disputing States. He had reason to
fear that. the peace of Europe had boon broken at that
moment, especially as the Austrian commander had deter-
mined to convoke the estates of Holstein, and the Prussian
commander had determined to prevent it, and under these
circumstances he thought the house of Commons should
have an opportunity of expressing its opinion. The great
difficulty appeared to him to be Venetia, and Italy was
placed in a peculiar position, because in consequence of her
relations with France she was enabled to threaten a greater
power than herself, and therefore Italy was acting as a dis-
turbing State with impunity. Italy had had no quarrel with
Austria; but her objectappeared to be to wait until Austria
was involved with another power before she made her
move. That moment had now arrived, and it was
said that Italy, to enable her to gain her end had
entered into a treaty offensive and defensive with
Prussia, and she was thus enabled to take her
part in the dispute. He could not believe that her Majesty'sete
Government had given any direct advice to either of
yb_,
parties which might lead to a disturbance of the peace,3/.:_`
rumour, with her busy tongue, had asserteditl;eat her
-iv() up
jesty's Government had advised Austria
been
given
Venetia, . and, if such advice had
calculated
nothing, in his opinion, was wore True it was
to bring about a terrible
taken,th at the
a advicend he, of
for
rthe
one, Englishto ug
thought
tnjtended that if they had
ever would be taken, but be
h eteonded to involve matter in
given it, it was a matter whiether
matter that could arise.
greater difficulty than any Government,
.wnaor.st ue
lynotthabteetnt
If the proposal to Austria bad
a vast province,
thene
p ribneteahi upo_izeinfandte tiot g
because sheextravp had
ag7ncth.
It was extravagant in
on a principle, which fur the
been
t of
asked
nationality. she was advised to give it up on the
—principle, becausoity.
give
With respect to the Conference,
Austria said
ground of
beforeioln she could consent to go into con-
t know there was no attempt on the
better tttoe r wo rd, thep must call a Fenian—(hear, hear)
part of anyshe m
of theus Powers to aggrandise their estates and
the proposal therefore at once collapsed. The Government
of France was first of the opinion that a Conference on
such terms would be useless, and the English Governer ent
agreed with them. He was certain that the maintenance
.of peace was inconsistent with a change of territory, and
therefore he concluded by asking whether the Govern-
ment were in a position to communicate any further infor-
mation with respect to the failure of the Conference at
Paris.

The CHANCELLOR of the EXCHEQUER said he
did not contemplate that the hon. gentleman in asking
his question would travel over so wide a field, because
he could not enter into a full explanation at the present
conjuncture of affairs, and because ho could not see that any
good purpose could arise by a debate on the subject taking

__..........,.......
place. The hon. gentleman said the German quarre
would have been arranged had it. not been for Italy ;
but that was not so, at least as far as the information
in the possession of the Government allowed them to
form an opinion. The question of the Duchies, just as
much as Venetia, formed the ground for quarrel, an d the
convocation of the States of Holstein was the subject which
would lead to war, and not Venetia. There were, how-
ever, other questions involved. The honourable gentle-
man said that Italy was a disturbing Power, and
that that was brought about by the protection she
received from France. It was not his duty to defend
the Government of France; that was beyond his
province, but not stopping there the hon. gentleman had
said that it was rumoured that her Majesty's Government
had given encouragement to Italy, and advice to Aus-
tria. He bad, however, acquitted them of giving
advice; he might have done more and acquitted them
of giving encouragement to Italy. Tue hon, gentleman
had said the Government had expressed its opinion that
Austria ought to give up Venetia. He did; not knc,w
where . the honourable gentleman had obtained his
information, but he might say that that being the
opinion of her Majesty's Government it wns no -secret
to Austria, as she was well aware that that opinion.
prevailed seven years ago. It was the opinion
of Lord Palmerston in 1818, and notwithstaudiug
the m6st friendly feeling entertained by Great Britain. to-
wards. Austria, her Majesty's Government felt that they
ought not to recede from that opinion. He thought it vvas
most unkind and uncalled for to cast this matter in the
teeth of Austria when she was involved in another and
distinct misunderstanding with another Power. While
entertaining a good feeling towards Austria on the first
point, he could not say that their sympathy extended to
her second position. With respect to the question of the
hon. gentleman as to the preservation of peace, he regretted
he could entertain no solid opinion that such a state of
things existed, and with respect to the failure of the Con-
ference it arose from the assurance demanded by Austria
that no territorial aggrandisement was intended not being
given. He could only express his deep regret that the
meeting of the conference was prevented by obstacles that
it was impossible to remove.

[LEFT SITTING. j

American Five-Twenties in Europe.

The New York Commercial Chronicle, justreceived,
has an article on " The Return of the Five-Twenties
from Europe," which, as indicating the financial
feeling in the United States, we transfer to our
columns. The paper from which we quote occupies
a similar position in America to the Economist
newspaper here :
" We have among us a certain class of financial
men who profess to be in no small alarm lest the
European holdspres sue
rre
oo
ff
the our
esoenctui rniet
ni etsa
Is hwoa
ru 1 d
panic, b e e
tdo,
send them back to this cauntry in larger amounts
than can easily be absorbed by our own investors.
The experience of the last four weeks does not
justify these tremulous forebodings. During that
time, probably, ten millions of five-twenties have
been imported here from European markets. Yet
the whole amount has been absorbed, and a glance
at our Stock Exchange report shows that the price
is nearly one per cent. higher than when the return
movement first set in. Suppose that during the
next two months another ten millions should come
this way, is there any reason for contending that a
similar result would not recur ? Is it not extremely
spereokbianbgl e
investmentthat with
the
these
rapid
bonds
y increaseeuld b
oef
eagerly
five-twentiesbought up ?
arFeoer wxtreemmeluysteearreeme,emanbderthtehadtemthaensde
from all parts of the country is growing with most
active rapidity, while the supply is almost sta-
tionary.
" There are two things, however, which render it
probable that the return current of our securities
from Europe will not, for any great length of time,
be kept up. First, there are comparatively few of
our five-twenties in England. Of the 350 millions
of these securities which are in the hands of Euro-
pean holders, it is computed that not more than
50 millions are owned by British capitalists.
Hence, if on the continent of Europe, in conse-
quence of the troubled state of the political atmo-

sphere, a considerabh amount of bonds should be

thrown on the markets they will be very likely to
be taken up in Europe, where there is always an
immense amount of capital waiting to invest itself
in sound and safe securities. The firmness in Con-
sols indicates that the scare in the London money
market is passing away, and that the financial at-
mosphere is clearing up.
" The same cause which has given a turn to
British investments in the direction of Consols can
scarcely fail to operate in favour of American secu-
rities, especially as all the securities of the conti-
nental Governments are temporarily depressed and
avoided.

" Secondly, there is in England a growing con-
viction which is permeating the masses of the
people, and is obtaining more and more power over
the monied and governing classes, that this country
is well able to bear its load of debt, and that our
u nbounded faith in the vast resources and recuperative
energy of the United States does not rest on a false

foundation. This conviction has recently found ex-
pression in the House of Commons in a speech by
the Chancellor of the Exchequer, Mr. Gladstone,
whom no one will suspect of undue partiality. Ile
observes ' that the debt of the United States is in
itself something wonderful—wonderful as the crea-
tion of four years, strictly of four years, and
no more ; and yet amounting to nearly
ppopopo, or £600,000,000, and the rate
of growth of the debt in the last year ex-
ceeded, I think, £200,000,000. That is a wonder-
ful debt, and its charge is enormous. Well, now,
looking at these figures, a man would be struck
with something like despair ; but if we look at the
position of the country which is to bear the burden,
I must confess that I think the future of America,
as far as finance is concerned—political problems
are not now in question—will not be attended with
any embarrassment. Ido not believe the debt will
constitute any difficuity for the American people.
lam confident that if they show with respect to
finance any portion of that extraordinary resolu-
tion which on both aides alike they manifested
during the war, and of that equally remarkable
resolution with which, on the return of peace, they
have brought their monstrous and gigantic establish-
ments within moderate bounds, I won't say that
this debt, according to an expression which was
once fashionable in this country, will be a fleabite,
but that in a moderate time it will be brought
within very small limits, and may, even within the
lifetime of persons now living, be effaced.

"In these remarks we see not merely what is
thought of American securities by Mr. Gladstone,
but they are still more valuable as an echo of
British opinion, and especially of the opinion of
British capitalists and investors. With such testi-
mony before us, we are still of the opinion we ex-
pressed recently, that in proportion as our securi-
ties leave Germany they will have a growing
tendency to find a resting-place in England. We
tdeonntiootnwofislotutro
bboendusndinersEtarooodpeas.
o n favouringthe cn
nt he
ren
rr; -,
aiveem arein
position would be
tiNilireslle oanbnl -e
try, and that
irta piisdl ye x ttroe ma
besloyr bptrhoeb
fialbv lhaeon lceti
ahol af
t
to this, that there is little
ment simply
stronger, en
noodpil rse nwt tse orned ihs teul
dr baabnrcnea,
di
.f none
conr onfr
go
nu r...
no• able to get the foreign holders
among us
to part wi th their
that aonudr tmh aotn teht
ae rrey aarffeapiresrshoenrse
will be disturbed by the heavy importation of these
bonds during the next two months."
prospect ofwohuorac nl
haerun