The Sun.
London, England, 1868-01-18 00:00:00

ILLINOIS CENTRAL RAILROAD.

When the Six per Cent. (so called Sterling) Bonds of this
company were first issued, the public Were invited to sub-
scribe for them at the rate of 4s. 2d. per dollar, the. pros-
pectus stating that the interest would be paid in London
at that rate, and the principal in like manner; but, unfor-
fortunately, no statement of this kind, as far as regards
principal, appeared on the face of the bond. It
was not surprising, therefore, that, when during the
war the premium on gold had reached 120 to 130
per cent., holders became anxious as to whether,
at maturity, should the currency remain in the debased
condition it was then, they would be paid off according to
the terms of the original prospectus, or simply the amount
in the currency of the couut►y, as stipulated on the bond.
The directors felt that they were in some difficulty, as,
though they were determined to keep faith with the bond-
holders, any shareholder ;night obtain an, injunction re-

' straining them from paying off the bonds otherwise than
in currency. It was clear the terms of the old bonds could
not be altered, so to overcome this difficulty the only
plan that could be devised was to offer to exchange the
old bends for new ones created under a general mortgage
of the entire prop3rty of the company (subject only to the
Construction Bonds then out), the new bonds to state on
the face of them that they were payable in London at the
rate of £2OB Gs. Bd., in lieu of $l,OOO. Several bondholders
availed themselves of this offer at the time, but the larger
proportion held back, not clearly understanding the nature
of the proposal. The time has now arrived, when the
directors are desirous to have this matter finally set4led, and
as the plan proposedrenders the payment in sterlingbeyond
question, we advise our friends to effect the exchange
at once, as we are given to understand the option will
shortly be withdrawn. We shall gladly take care of the
exchange of Bonds for such of our friends as may entrust
them to us—free of any charge.
While upon the subject of the mortages of this com-
pany, we would draw attention to the Six per Cent.
Currency redemption, created under the same mortgage
as the Sterling Bonds. Some three :years back, when the
directors called in three million dollars of the Seven per
Cent. Construction Bond-, to be paid off at 120 per cent.,
in conformity with the terms on the face of the bonds, they
offered either that rate in currency, or to give in exchange
for them Redemption Six per Cont. Bonds, at the rate of 105
per cent., and the remaining 15 per cont. in cash. Holders to
a large extent availed themselves of the latter alternative, so
that there are now outstanding $2,600,000 of these Bonds.
In any future investment we should suggest to our friends
the advisability of taking these instead of the Constitie-
tion Bonds, as they are relatively cheaper, and are not
liable to be called in before 1875, when they would have
to be paid at 110. After that period the directors are
bound to give me year's notice if they wish to redeem
them before maturiry in 1890, and the same premium, 10
per cent., would have to be paid.
The cost of $lO,OOO Seven per Cent. Construction Bonds
at 79, present price, would be £177 lOs ; annual income,
say at 2s. 9d. per dollar, £96 ss. ; cost of $12,000 Six per
Cent. Redemption Bonds at 64, £1,728 ; annual income,
say at 2s. 9d. per dollar, £99 ; so that the investor would
increase his holding by $2,000, and his income £2 15s. per
annum, and save £49 10s. in capital.
The above calculation is at the present high rate of ex-
change, but if it should return to anything like its nominal
state, the difference would be still more in favour of the
Redemption Bonds, which even now yield to the investor
5.73 per cent. per annum.
The business of the road seems to be in a very satisfac-
tory state, the land sales being large, and the traffic re-
ceipts increasing. We understand the earnings for De-
cember will show an increase over corresponding month in
1866 of about $70,000.
The London market for American Government Secu-
rities has during the past week been influenced by con-
flicting causes, the premium on gold in New York having
gradually advanced more than 5 per cent., while at the
same time United States Bonds have improved nearly 2
per cent. The natural effect of these would have been to
depreciate the bonds about $2, but compared with last
week our latest quotation for 5-20's, 71 to 4, shows a decline
of only / per cent. The price here is now relatively /to
higher than in New York, while last week it was just so
much beneath quotations on the other side. The 1865 issue
maintain their usual proportion to the 1862'5, being just 1
per cent. lower.
Illinois Central Shares close 811 to 85 ex dividend
which is equivalent to a fall of about ono half per cent.
Eries remain with but little alteration at 47/ to 481.
There has been a marked improvement in Atlantic
and Great Western First Mortgage Bonds ; they have
advanced fully three per cent., and the Consolidated
Bonds, on more inquiry, participated in the upward move-
ment, having touched 23, but from the highest point
there has been some reaction, and they leave off 21 to 22.
Certificate of Debenture, after rising to 26, lose 21, to
231 showing but little alteration from the quotations of a
week ago.

(From Messrs. Belding, Keith, and Co.'s Circular.)
FRIDAY, Jan. 17.

The price of American Securities has fluctuated during
the week with the rise and fall of gold in New York ;
while, at the same time, United States Bonds have ad-
vanced in New York with the rise in gold. The latest
quotation by cable is the closing price of yesterday :
Gold, 1391; 5-20 Bonds, 1882, 1091. 5-20 Bonds, 1882,
open here this morning at 711 72, a rise of three-quarters
per cent. during the week, touching the lowest point on
cmturaay, ./of ; 5-20's, 18150, nnyti 0f..4,;.uva one percent:
lower than those of 1882, opening at 701 71; 10-40's open
at 671 68, or a decline of one-half per cent. since last Thurs-
day. Illinois Shares are quoted 841 831 ox div., or almost
the same as last week's. Erie Shares, 471 481, a fall of
one per cent. Atlantic and Great Western Debentures
and Consolidated Mortgage Bonds open at 221 231 and 21
22 respectively, the former being an advance of one-half
per cent., and the latter three per cent. on last Friday's
quotations ; on Monday last they were quoted at 26 and 23
respectively. This rise has been attributed to the election
of a new board of American directors.

(Front Messrs. Bowles, -Brevet, and Co.'s Circular.)
PARIS, Jan. 17, 1868.
The general market still continues to present few features
of interest.

United States Bonds are lower. The continued advance
in gold is exercising au unfavourable influence.
We quote :
The issue of 1862
The issue of 1865
Dates from New York, by telegraph, are to the 14th
inst. :
Gold
14l I
United States Bonds, 1862 (c 10N-

The Rente closes at currency)... 104
The Italian closes at
Exchange on London
25f. 15c.

SHIPMENT OF SALMON OVA TO NETT'
ZEALAND.

(From Land and Water.)
The shipment of ova, per Celestial Queen, hav-
ing been successfully completed, it may be interest-
ing to your readers to know the total quantity
shipped, the localities whence the ova were ob-
tained, and a few other particulars in connection
with this first experimental shipment of fish direct
to New Zealand. In my last letter I stated that
130 boxes had been deposited in the icehouse up to
the 4th instant; since then we have shipped 204
additional, making in all 334 boxes, the particulars
of which are as follows:
Boxes. Estimated Quantity.
187 Severn ova tee
118,000 •
68 Irish
69 Scotch 56,000
1 Wye

315 Boxes salmon ova 220,000
9 „ sea trout from the Hodder._
7 „ Salm° untbla from Sehliersee, Bavaria 9,000
3 „ River trout from Lord Essex 1,500

234,500

I beg to call particular attention to the seven
boxes of Salnzo unzbla from Bavaria, which have
been obtained through the personal exertion of your
correspondent, E. V. Lindon, Esq., under very
great difficulties, and I beg to return him my best
thanks on behalf of the Otago Government for his
assistance in procuring so valuable an addition to
our shipment. I feel satisfied the Salmo umbla will
be peculiarly well adapted for the extensive New
Zealand lakes, and I hope Mr. Lindon will take an
early opportunity of diffusing his information re-
specting this valuable fish, with a view to its suc-
cessful culture in our colony.
I must not forget to mention particularly four
boxes of salmon and trout ova, which have been
most handsomely presented free of all expense, viz.,
one box salmon ova from Frank Buckland, Esq.,
and three boxes brown trout ova from Lord Essex.
My best thanks are most heartily tendered to his
lordship and Mr. Buckland, on behalf of the Go-
vernment, for the warm interest they have ex-
hibited in the piscicultural prosperity of New
Zealand. Nor must I omit to mention the
very handsome way in which Boards of Conser-
vators and proprietors have responded to Mr.
Youl's appeal for assistance, which they have most
readily accorded, and without which it would have
been impossible to obtain a single ovum. Allow
me through your columns, to thank them for the
liberality and sympathy which they have exhibited
for colonial advancement. Of the 334 boxes, 174
lie on the grating floor of the icehouse ; the re-
mainder are deposited on the top of the ice tightly
wedged against the ceiling. It may be said, why
not have a middle tier of boxes in the centre of the
ice ? Mr. Youl replies, and his theory is sound, that
the admission of air or a foreign substance between
the blocks of ice will facilitate its melting, an ope-
ration which we wish particularly to avoid. It is

So much for the ova business. But I cannot
conclude this part of my report without special refe-
rence to the service of my friend and coadjutor,
Mr. Jas. A. Youl. When I firstiboposetto him
-the undertaking, he in the most' ,-heral manner
volunteered his gratuitous assistance to carry out
the views of the Otago Government, and I have no
hesitation in saying that without his personal
services, founded on the success of.past.experience,
I should not have ventured on the heavy pecuniary
involved in the undertaking. I cannot speak
in too high praise of the zeal and untiring energy,
which at very great personal inconvenience, he has
displayed throughout the whole business—in the
careful construction of the icehouse ; in the arrange-
ments made for preserving the ova, in packing
al-
most every single box with his own hands ; and in
seeing the precious freight carefully and securely
deposited in the icehouse. What assistance I have
been able to render has been entirely under Mr.
Youl's direction. To him, and to him only, the
success of the experiment, as regards the safe arri-
val of living ova (which we devoutly wish) must be
ascribed; and I doubt not the Government, which
I have the honour to represent, will award him the
merit which he has justly earned. Meanwhile, I
sincerely thank him for his invaluable services and
kindness to myself.
Through the kindness of Higford Burr, Esq., of
Aldermaston Park, and S. Ponder, Esq., of Hamp-
ton, I have been presented with live tench from the
former, and gudgeon from the latter, for the Accli-
matisation Society of Otago. The gudgeon will be
placed in a barrel swung up on deck, and the tench
(also some carp which I have procured) will swing
in glass globes. All these will be under charge of
Mr. Dawbin, who is supplied with a freezing ma-
chine to keep down the temperature of the water in
the tropics, and by this means, together with an
ample supply of water, I am sanguine enough to
hope, under Mr. Dawbin's judicious treatment, that
the Otago lakes, ponds, and slow-running rivers,
will be soon well stocked with these well-known and
useful English fish.
And now to conclude with the last, though not
least valuable item, which sums up the shipment of
the " Celestial Queen." I mean Mr. Frank Buck-
land's very handsome presentation (in addition to
the series of salmon ova previously sent out) of
casts to the Acclimatisation Society of Otago.
These comprise-1. A fresh-run salmon, 321 b ; 2.
A salmon, opened to exhibit ova ; 3. A kelt, or foul
salmon ; 4. A brace of tench ; 5. A brace of brown
trout ; 6. A Thames trout. I feel sure my fellow-
colonists will appreciate this unlooked-for presenta-
tion as much as I do myselt, 'AMA it will lead
to the tun cultivation of the science of pisciculture,
by being made the basis of a museum, to which may
be added specimens of fish, and general subjects of
natural history in New Zealand. And why should
not a useful interchange of thought, through such
an illustrating medium, be established between the
mother country and her offspring ?