The Sun.
London, England, 1861-07-13 00:00:00

THE BIDDINGS li OR THE NEW INDIA

LOAN.

(From the Daily News' City Article.)
FRIDAY EVENING.

This has been a day of great excitement in. the
City. Noon to-day was the latest period allowed
for lodging tenders for the new India Loan of
£4,000,000. Similar eagerness to subscribe has
scarcely been witnessed in the memory of our oldest
financiers. The crowd of applicants at the Bank at
12 o'clock was enormous, and considerable confu-
sion was occasioned. The Stock Exchange remained
in a state of great suspense until half-past 1 o'clock,
when it was officially announced that the Govern-
ment reserved price was 981 per cent. Soon after- ,
wards it transpired that the numerous bidders at 99
and upwards would certainly receive the whole
amount applied for, but considerable doubt pre-
vailed with regard to the fate of the heavy tenders
at 981, which are said to have included a total of
£1,700,000 from one great Hebrew house alone.
In answer to the applications which were addressed
to them, the Bank authorities could only state that
the tenders, some 3,600 in number, were being
opened as fast as possible, and that the result should
be made known at the earliest hour practicable..
The business community finally quitted the City
under the impression that all bids at £9B 16s. and
upwards were safe, and that some limited per ten-
tage of the amount applied for would probably fall
to the share of the subscribers at £9B 15s. At that
period all the large tenders had been opened, but
numerous smaller amounts remained to be sorted.
It was shrewdly surmised in some quarters that, as
these small tenders were probably for the most part
from permanent investors, the general average of
the biddings might yet be raised higher ; and this
has proved to be the case. Towards 8 o'clock this
evening it was officially intimated to the press by the
Bank of England that the main results of the bid-
ding are as follows—The aggregate tendered for is
upwards of £21,000,000. The highest tender
lodged does not exceed £99 Bs. The lowest
tenders that will obtain an allotment in full are
those at £9B 18s. 6d. Those at £9B 18s. will re-
ceive about one-third of the amount npplied
for.
All tenders below £9B 18s. are wholly rejectF .
This result differs so widely from the impression
el
which was current this afternoon at the
be occa-
ose of
business that great disappointment wi
d

_
sionod.
Meanwhile it is exceedingly satisfactory to wit-
r clearly
ness this new proof of the financial powoer e of the
country, and every holder of Indian securities must
derive fresh encouragem"t from the manifest ira_
provement in the credit of the Indian Government.
The competition of the India Five per Cents. with
the English Three per Cents. is shown more
than ever.

(From the Times City Article.)
Tho India Five per Cent. Loan for £4,000,000
was contracted yesterday morning with great suc-
cess, many of the biddings being at prices so high
as to yield at the current market quotation little
immediate profit to the applicants. The minimum
price fixed by the Council was, as on the occasion
of the /3,000,000
Loan in February last, 981, and
the aggregate amount tendered for is over
£21,000,000. All subscribers at and above £9B
18s. 6d.
will , receive the full amounts asked, but
those as low is £9B ISs. will get only about a third.
Five individual firms tendered for an aggregate of
£4,000,000. The highest application was 09 Bs.
The biddinn. of Messrs. Rothschild was for
£1,500,000 at 934, and they will not receive any
portion. In the February loan they applied for
£1,000,000 at that price, and obtained the whole.
The general applications at that period were for a
little more than four times the amount required.
In this instance, although the loan is larger, the
applications have reached more than five times the
sum wanted. Li February, after the completion of
the contract was announced, the scrip went for a
short time to 3 premium. In the afternoon, how-
ever, the premium was only about I per cent. on
the minimum price of 981, and apparently there is
belief in the Stock-Exchange that much of the
stock will prove to have been obtained by weak
holders. The detailed examination of the tenders
will be conducted at the Bank of England, and the
letters of allotment are expected to be issued to-day
from that establishment.

THE SUN.
LONDON, SATURDAY, JULY 13, 1801.

Another arrival from America brings us accounts
of skirmishes, and rumours of the plans to be pro-
posed by the Government on the 4th of July then
approaching. The politicians seem as confident in
detail of what the proposals of the Cabinet will be
as if they were in it. Military and financial
measures are naturally those which are looked for
as matters of certainty ; the army is to be fixed at
not less than 300,000 men, and hence we need not
be surprised that £40,000,000 will have to be raised
somhow, to support and move them. That sum,
indeed, would, according to our experience, vanish
in a twelvemonth. There appears to be much im-
patience at the non-advance of the troops south-
ward ; there is, however, a great deal of confidence
in the old General SCOTT. He is a commander of the
CLYDE School, is said not to believe in dash, but
in secure movements, and his friends and the public
generally seeni to take fos granted that when he
does move it is all up with the "Old Dominion"—the
rebels are to be pressed and squeezed out of Virginia,
whenever General SCOTT thinks it time to cross, to
force the line of the Potomac, to summon General
BUTLER with largely augmented forces to join him
from Fort Monroe at Richmond, and the army of
the West to converge with him and BUTLER on the
same centre. This done, and Richmond the capital
occupied, Virginia is to become as loyal as Mary-
land is now compelled to be ; and, notwithstanding
all the pride of the great slave breeding state, to
find that " the facts are against her."
As far as the advance of the Federal troops
has given opportunity, even the South cannot
deny that a strong Union feeling has developed
itself. Throughout all the Border States there are
large districts, principally uplands, where the in-
habitants hate slavery, and are staunch for the
Union. In Kentucky, Missouri, and even Ten-
nessee, this has been very apparent. The Fede-
ralists can, we believe, truly boast that in these
States an unintimidated popular vote would
be in favour of the Union. Hence the
North can allege that they go there to
secure free action for loyalty. The slave-
holding aristocracy have, like aristocracies every-
where, contrived to get the reins into their
own hand, but they and their immediate dependents
are probably but a minority of the white popula-
tion. When once the North hay secured these
States and Virginia, the rest of the war can be no
very serious business. Nearly all the rebel States will
then be exposed to attack on their seaboard,
and being cut off by blockade from all foreign
trade, they will be utterly impoverished.
They
Will not be starved, for Mr. RUSSELL tells us
they are sowing Indian corn everywhere to pro-
vide against that calamity; but, with hardly
anything worth calling manufactures, they would,
if the war continued, be soon, as to clothing and
other concomitants of civilisation, much in the
predicament in which beggars ofttimes appeal to our

compassion.
It is almost amusing to see how firmly
the South are as yet persuaded that Europe
will not do without their cotton. They seem to
think that England especially, and France too, will
break any blockade, at any hazard, rather than
allow their millions of hands dependent
on the cotton manufacture to want employ-
ment. They little know that in England at least,
a great part of us think that nothing better could
happen for our empire, as a whole, than a stoppage
of the American cotton supply, so extensive as to
compel Manchester to seek her supply from other
sources. Mr. LAING, in India, expressed the
opinion of numbers here, that America's diffi-
caltY is India's opportunity. There is
3aroa •
elm, too, from which the Sea Island
cotton originally came, and which under proper
stimulus Would grow it again. And with all our
love to our cousins, if
they drive us from them by
Morrill Tariff., (immoral tariffs the Canadians call
them) they cannot wonder that we should wish for
the prosperity
of our fellow subject,
however
different their race moo be, rather than for a one-
sided trade with such selnsh foreign cousins.

see:
for in
Turkey seems likely to give all of us a
need
se
Financial IMorrn. To be sure there was
it there, as probably nowhere else in
ur.ope ;
and
while we wi,:h to respect the adage respecting the

dead, the fact is that the late SULTAN—for whom
on accountverhaps of his relations with Russia,
we were disposed to believe all the good we could
—was, beyond all comparison, the most extrava-
gant Sovereign in Europe in regard to his personal
expenses. Of course we reckon among these the
sums wasted on favourites of all classes. ABDUL
Aziz has, beyond doubt, reversed all this. There
may be, as Lord STRATFORD pointed out last night,
gross exaggerations in some details; it is little
likely that the late SULTAN, for instance, so out-
stripped the most splendid Sovereign of Jewish
history as to have a seraglio of 2,000
ladies; but that he had, even for Tur-
key, a very large one •is undoubted, and
there seems to be as little doubt that ABDUL
Aziz seeks his domestic felicity in the society of but
one wife. The luxurious wishes of ABDUL MEDJID'S
wives, combined with his own, pressed also very
heavily on the finances of Turkey, while his brother
is content with a very moderate establishment.
ABDUL Aziz is a staunch Mahommedan, but he
seems to combine orthodoxy with prudence. He
does not regard as part of his religion the tradi-
tionary practices of the Turkish court where they
would entail a heavy burden on his Exchequer.
It seems to have been the custom to provide splen-
didly at the public cost for the numerous widows,
many of them really unwedded widows, of the
departed Sultans. We have seen how he
has provided for the childless among them.
Wealthy Mahometans may have the honour of
adding to their seraglios, doubtless at a handsome
price, these wives of the representative of the
prophet; they are to be made a profit rather than
an encumbrance to the State. Then as to the
widows who have children, the charge for them is
to be met by the sale of the late SULTAN'S jewels,
which will, it is expected, be sufficient for that pur-
pose. The spirit of economy is to be carried out in
every possible way, and the hitherto beggared army
and navy is to be the first to feel the advantage of a
ruler whose indulgences are to lie in promoting the
prosperity of his subjects. The Imperial stables
themselves are to sacrifice four hundred horses for
the artillery. It seems indeed singular, that a
Sovereign who could not sit a horse securely with-
out precautions toprevent his falling from it, should
have such a stud ; but so it was ; extravagance for
its own sake—extravagance without any direct
gratification from it, seems to have been one of the
pleasures of the late Monarch. His Artillery are to
get now the benefit of it.
It is, of course, too early yet to predict the future
course of a Sultan who has at least started well.
In the East the personal character of the Sovereign,
both through its direct action and through the men
whom it selects as Ministers, is of far more import-
ance than that of a constitutional Sovereign.
If ABDUL Azrz persists in his financial course
till he has compelled every Pasha throughout his
Empire to follow his example, Turkey will soon
have one of the safest Exchequers in Europe. No
one denies that her resources are immense. Her
debt is really" a flea bite," under a vigorous Govern-
ment. By creating security for the production of
agricultural wealth especially, and opening up the
country by roads, the revenue of Turkey would be
such as soon to give her a comparatively strong
position. She may have an army and navy
with which Russia could not trifle. One
which would always easily sustain the first
brunt of war, and enable allies to aid her effec-
tually. So far as can be known at present, the
SULTAN is quite sincere in promising to fulfil all
the treaties with European Powers, by which he is
pledged to the equal treatment of his subjects of all
religions. Nothing can be more to his interest.
The old Mahommedans will not dare to give
trouble under a firm hand, moreover they believe
in the present SULTAN'S orthodoxy; he will ttius
also avoid any pretext for humiliating interference
by the ambassadors, while his various Christian
I subjects will, when well protected, become in-
creasingly a source of commercial profit to his
empire. If ABDUL Aziz proceeds according to his
early promise, he will give a fresh lease of life to
the " sick man."

The resignation of Lord HERBERT so frequently
rumoured of late appears to be now imminent. It
is matter of regret to all those who have marked
the career of this accomplished administrator.
Yet we cannot for an instant induce ourselves to
believe that it is a permanent withdrawal from
public life—that it is anything more in fact than a
very prudent temporary arrangement. Remember-
ing Lord HERBERT'S age, remembering that he is
yet but in the prime of his manhood, and that so far
as mere years go he stands very early indeed upon
the list of our leading statesmen—it would be diffi-
cult to view this retirement of the Secretary of
State for War from the Cabinet as anything else
than a judicious determination to lay by for awhile,
with a view to the readier conquest of a long
threatening, but we rejoice still to think, in no way
apparently serious indisposition.
1 The majority of our principal statesmen are
Lord HERBERT'S seniors, they are, for the most
part, many of them old men, several among
them septuagenarians, a few of them even
I octogenarians. Insomuch that it is difficult to
believe a man like Lord HERBERT, still merely
in middle life, one, moreover, who is happily not
prostrated by disease upon a bed of sickness, but
who is simply ailing, as already positively superan-
nuated. We remember how illness—an illness in
each instance, far more serious, apparently, than
any that has yet fastened upon Lord HERBET'S
constitution—compelled two of our leading public
men to retire, for a lengthened period, into
private life : at the time it even seemed
—of Parliament.perma
—permanently yto withdrew from the arena
Neither of these eminent
persons to whom we are alluding had been in office il
—neither of them had held what the French speak
of as the portfolio—neither of them had ever been,
have ever been, enrolled among the number of her
1 MAJESTY'S Privy Councillors. Mr. DISRAELI has
said in the House of Commons that nothing tries
the nervous system more seriously than leadino. the
House of Commons—and we even imagine it to be
so. But while the two distinguished men of whom
we are now writing never led the House of Com,
mons, save in the oratical sense (and that they
have, no doubt, each of them done
sat
try frequently),anywhere
though they have never
on the front Treasury bench—though they have
neither of them sat anywhere in the House of Com-
mons but "below the gangway," now on the Oppo-
sition side of the House, now on the side of the
Government—they have both so nobly and reso-
lutely toiled in their capacity as Chiefs among the
Tribunes of the People, that each in turn was in
the end almost, as a matter of course, physically
prostrated, completely and alarmingly prostrated.
It was thought in turn by thos e who honoured
them the most, that when at one ti me Mr. BRIGIIT,
and at another time Mr. ROEBUCE, withdrew from
the House of Commons, in all probability they
would never be enabled to resume their places
among the national represel itatives. How
fallacious in each instance NV as this dread
the public now knows full well. A timely and
judicious interval of repose fort anately enabled
both Mr. ROEBUCK and Mr. B 1 TIGHT to resume'