The Sun.
London, England, 1868-08-05 00:00:00

ONEY EAPTivT
tiy

AND

COXMERCIAL INTELLIGENCB

CITY, Two u'CLocK

The Stock Markets are without much change,
though exceptional movements of importance are ro-
ported. Neither the Funds nor Foreign Bondshavo
varied, except that Italian and Brazilian are in rather
More request. But American Securities are again
very flat. Erie Railroad Shares are as much as 3
per cent lower. In home railways there is not
Much feature. Midland have risen lf per cent. on
the dividend announced this morning. The favour-
able dividends so far announced and other encourag-
ing circumstances are reviving this market.
The Discount Market is firm at lf to la per
cent.
.10
Corn is in demand at Monday's rates.
The English Funds are steady. Consols for money
and account, and New and Reduced 3 per Cents.
are quoted at 941 to 94a ; Bank Stock, 247 to 249 ;
India Five per Cents., 1141 to 1151; Exchequer Bills,
14s to 18s prem.
Foreign Securities are without particular movement.
llt Irarianilian (1865), is f better, at 77f to 78 ; and
k, at 52k to 531- ; but Greek is 1 lower, at
13 to 13f ; and New Sp 1
anish
4 ,at 331 to eixicin is steady, at 15i to 15f ; Turkish,to 391
".; Egyptian (1864), 85; to 86f ; Viceroy's Seven
tper Cent. Loan, 721 to 72i ditto Nine per Cents.,
tkant,o 911; Peruvian (1865), 79i
83 to 83k. to 80 ; Honduras
American Securities are flat. United States 5-20
l.Bonds are i lower, at 71 to 71f ; Erie Shares
ahoy.a decline of 3, at at 92f to 93f ; and Illinois k,
at 37 to 39.
Atlantic and Great Western
are 391 to 401
i n Foreign a•'and the Consolidated Mortgage Bonds
Railway Debentures
411 to 42i.
.1.
AI to in Railways, Great Luxembourg remains at
" and Lombardo-Venetian at 16 to 16k.
Colonial
W isconsin Bonds are i to lf prem. '
_.
lowingo onial Government Securities are steady. The fol are the quotations :—Canada Six per Cent.,
103 to Inc
„„ 0,-- ; ditto Five per Cent., 90 to 92 ; Mauri-
pti- "31X Per Cents. 103 to 105 • Ne.w South Wales -ire per Cent., 99 'to 101 ; New Zealand Six per
eat., 105 to 106 ; and Victoria Six per Cent., 113 to
115,
The railway market is stead
tsars y. The leading feature
dividend, advance of 1f per cent. in Midlands on the
end. The present price is 108 to 108 k. London
bband North Western, and Great Northern (A) are
etter ; Brighton, k ; and South Eastern, Great
stern, and Metropolitan, 1 each. Great Northern
are f lower, and Caledonian 1. The prices are : Lancashire and Yorkshire, l'3ol to 131 ; South East-
ern, 77 to ,
a- ; London and North-Western, 117 to ; ;
Great Northern, 106 k to 107 f ; ditto A, 105 f to 1061;
Greatr Eastern 39f to 40 ; Great Western, 50/ to 51 ;
113itaignt20i 5t4 to 55 ; Sheffield, 43f to 44 ; Metropo-
-201 to 120 ; Caledonian, 74 to 1; and Chatham,
to
Bank Shares are without feature, and the dealings
are limited. The only change is a decline of / in
Iloperial Ottoman, at fto 1 prem. Agra (A Shares)
1,11 to 11 1 a
--a ; Alliance, 10f to 9} dis.; Anglo-Ame-
fa,n, 7 to 7; prem.; Chartered Mercantile, 28; to
..':1-; Consolidated, 4a to 4'4 ; Imperial, 17 to 18 ;
London and County, 52 to 53 ; London and West-
l?linster, 68 to 69 ex div.; ditto, New, 44 to 45 ; Lon-
donJoint-Stock, 32; to 33f ex div, ;Union of Lou-
'n
better at 20; to 21; ; Port Philip 1; to lf ;
prem. entales, 21 to 211 ; itossa Grande, 5-16 to 7-16
AmericaTe ie
Misclaneous Securities are very quiet. Angld-
o.sraTnehlegBraph is quoted at 211 to 214 ; Atlan-
ticla• b ' per Cent., 3 13-16 to 3 15-16;
GAtlantic and Great Western Mortgage Bonds, 40f to
en; Hudson's Bay is firm at 15f to 15i ; London
eral Omnibus, 1k to 2.
_ The increase in the Metropolitan traffic last weekw.(.!,B £247 78 075 4d, and in Great Luxembourg,
•i-zd .
.i.ciTtiliiree Gaeneral Credit Company announce that they
deposit of 1 per cent. only upon applica-
tlnriilis for the new French Loan.
b. Ahere was no bullion operations at the Bank
yesterday.
4._ The Exchanges were yesterday again rather less
iavourable to this country.
after The report of the London and South Western Bank,
share stating that the proposed dividend of 5s per
'1!
I,_le
, payable on the 12th inst., will allow £560 18s
be carried forward, remarks as follows :—" The
andirectors have had under consideration the desirability
ireducing the present liability on the shares to such
i extent as may be satisfactory alike to the share-
olders and customers of the bank, and with a view
to Carry out such arrangement they have instructed
the bank's solicitors to prepare the necessary forms
and obtain legal opinions on the subject. The di-
rectors propose if they find no impediment exists, to
call the shareholders together at an early date,
to determine as to the mode of carrying out such
redaction."
„The City of Antwerp has brought £17,400 in
Opeele fl•om New York, and the Bremen £47,500.
York the other hand £30,000 left by the steamer New
a, 9yesterday for America.
onsiderablepurchases of grain continue to be made
il'ollLrseilles on Spanish account, so that prices at that
ia are more firmly maintained than in any other of
he French markets.
liaa•L
re. ordinary general meeting of the North Austra-
to i."l_ °°ll3any has been convened for the 19th instant,
. eceive
mccoltots the directors' report and statement of
The L
"ci
c?2,lnnPanyare"'er
i
offering
£550,000, 4i. per cent. perpetual
ii;e.., ture stock to the proprietors, at 95 per cent., the
4,liellents of which extend over nine months.
the judgment, on appeal, against the directors of
eredr.,edit Mobilier of France, on account of the
3,3„`,,inunobilier6, amounts to 83,000,000 f,, equal to
the o`_'-',0.00 sterling. The fate of the shareholders in
of ivrc.elitt Mobilier, after this, is quite in the hands
OfneC,iidi e Perminy, who stands in the position of
QIN, liquidator. If be makes common cause with
,-,,,„ the
4, 50 shares, which yesterday were worth
'le side., Will be worth 400 f. ; if, on the contrary,
fetch 1320
" I.l'l AIK P . it is said they will not
ereire
The et an 60f.
lacetit Metropolitan. Railway Company convene a
deternilginfeocir, thpe 19th inst., "for the purpose, if so
IZ°vision, °'• Passing a resolution, pursuant to the
e et, 10,,,,,ertained in the Regulation of Railways
~)111pan°...ud. o divide the paid-up ordinary stock of the
treferr:, late two classes, to be called—the one,
z.,urdipap_q
,urdinary Stock, and the other, Deferred
eoreuf_ toek, and to issue the same subject and
S Said gA to tip provisions and consequences defined in
. The East
Attie t,,''t Indian Railway Company announce the
5v ~,'' tieir proprietors of £1,000,000 new stock,
late t'rellitem of
rest of 6l per cent., bearing a guaranteed
per he 405,..13e.r c.ent, per annum.
(C.4114,111°4 dividend is at the rate of 5 per cent.
tom ve„ , Comparing with si. The Great Northern
~.pa",.,"..e
withhe rate of 41 per cent, per annum,
vatlieTß 4i.
Th 4-) 'Stock This allows £3 for the half-year
0 e directors and £1 5s on the A.
almost
liai,. of the Indo-European Telegraph
~,,_ gt o._,_ . e issued their first report. It relates
i'loy, and'"-lsively to the establishment of the com-
ita d to t..
sob evelopoi ue Progress of the works necessary for
preP.eribed, Leak The necessary capital had all been
liiiitliina,„ b
eat only 16.646 shares issued, and the
Dope cen.d), e.XPellSes had been exceptionally small.
.ve, ,SS/n... .
feq tmaierit -us to Messrs. Siemens by the
to 'ration, 2 of Russia, the North German Con-
tcadthe 00a4cl Persia, had been transferred
1v041',,, ill thPanY, and modifications had been
lzeet" not Proposed route. The estimated cost
Te"et, all v, e exceeded, and the line would fully
Public requirements for accurate and
- donnas tele h•
Ni4t nlpao graP ic communication with India.
1):1 aooe y had received great encouragement and
cct, knot fi .
%111 , hickw , nanctal) from the Indian Govern-
-4,llPezete ait:, nad decided upon the construction of .a
trod i$ and 1f native line between Bushire and liar-
te4 eBhir "Iso an additional wire between Teheran
ii , be e, so that
4eect weetl th. a complete through communica-
v?ire by me IS country and India would be estab-
-4e 1 eab ans f twodo ecial and well insulated
henna soo„ing y large amount of busi-
Ati k-i and rezularitv
a 1),(;o1,-, rriaft IttrXDS—TWO O'CLOCK.
1). eett't7 rtrXDs
4 ttt° for' e"s°ls 9-1- i NayPe' ee Accoont
3 lit. keep
tic 6 A.ug. 6
61)1,0211)24..04 . d
li,)41t)08 sc.ent• Ottll. 1873
........ ..... . -
1,. Do.
tiil. 40 4_1.8) expire sth Jan. 1880 —
,kqtted Son 41e
expire sth April 1885.,. 12i -Po. ql4er Bills. -1- elek,raPll). dug., I°oB — xd
b uo.£1,00(, 2 -.t
, per u .......... 13 pm
................................ ............... -- 11
15100
•i _ giloci ' 4.-A.) ............... 7,
1 INb e°ll4t Stook. 41 p.n. Cent...... 247 ~
tnii, tN
~_ •..
.0. < toek
..-'2VIIRNMENT 8 ECURITIES
6-)0 Ope4ill4,Ui Per Cent., A pri114,74 • 215
Do: ! Per („ f,°rAcc.tiLt .. •••
Nile,
~,1,3(1r 00-41't". dulY,lBBo ... :
r)°' tptrltificate,:
.........
............... 1041 1
0.
~ ate,
.. .............................
Lono Per LehVtPti. 4 por Cent
s 1 Per 04', 'Tali. 1372 ............ I-
Ir.. r era. ma
117, .............. .
11, to, C"4., iee.Yft;b. •fii. ...........
oo* N.o. do, 2 .........
b 5 do. 1877 .........
t)b- l 3 ,5
Per 0„t A 1882 .........
• fader, Per c 9 ug* 1873 ••••.• --
-tl oo init., Xl,OOO ...... ... '
At, vu • o
...
41peliiiitt...._ . ........ . ............. It h ° Repul;l.. ru-NDI—Tro CLOCK.
r.t4il. - 1100 , ;‘• per cern
otta - ,s, 5 ..,e ~.. ••:: .........
0 ver
co. . uent.lBo9 .........
U4t ............ ............ -"'

Do. 4} por Cont., 185? 7O
Do. do. 1858....
Do. do., 1850
Do. do., 1863 —
Do. 5 per Cent., 1865 —
Do Account •.. 77 /
BuenosAyrcs 6 per Cent —
Do 2 per Cent. (Deferred 3 per Cent )
Casa, 6por Cent.
Ceillan 6 per Cent 73f
Do. 4/ per ()Jut —
Uo. 6 per Cont., B —
Do., 1867
Do., 7 per Cent., 1866 lOO/
Do., Scrip £32 paid
0 )I( mbian, 6 per Cent.
D knish 3 per Cent, 1823
D niubian Principalities, I,er Cent
Do 8 per Cent., 1867 •
o:quador Now Consolidated, 1 per Cent —
Egyptian, 7 per Cent —
bo. SeLodd Issue —
D '. £5,)0 Bonds
Do. 110 C Bonds —
Do. 1864 —
Do. Account
Do. .£S:PO ftoods —
Do. flOO Bonds
• •••
tiovetunimit Rad way Debetkr urea. .... 94 f
Groot 5 per Cent., 1824 5, ex Coups —
Do. Account
Do. Coupons -
Do:k-- -1 .. •

_CCJUIIt _ _
G tatemala 5 per Cent, .. —
Honduras Gov. Rail. Loan., 10p. Ct., £25 p 821
It ilian 5 per Ccr t., 1865 —
00. Account . —
Do dfarommana Rag way —
3l•31 icar. 3 per Cent —
Ditto for Account .. —
Do. 1864 —
Do 6 per Cont. Anglo-French —
gontevideau 6 per Cent.
Moorish Imperial 5 per Cent
New Granada, l4l
Do 3 per Con
Do. Deferred -
Do Laud Warrants (Hectares)
Poruvian 5 per Cent. 1865
Do Account .•.. 79i i i 1
Do 41 per Cent. (Uribarren)
Do 41 per -Cent., 1862
Do Account
Po-taguese 3 per Ct., 185 S, '6, '7, '9,'6e,'2,'S
Do. do. 1967 —
Do. do. Sc: ip, .£2O paid
II issian 5 per Cent., 182 Z, £ St B9l
Do 41 per Cent. 1850
Do 41 per Cent., 1860
Do a per Cent., 1859
Do 5 per Cent., 1862 „...„.. 88 71
Do. Anglo-Dutch, 1861, £lOO Boucle., 931
Do. do. £B4 15s. d 0.... •
Do., 1866, £lOO 80nd5,... 93 1

Do. do . £B4 15s do —
Do Nicolas Railway 661 1
Sar tiuian 5 per Cent
Spanish 3 per Cen
Do. Account
Do. 1867
Do. Account
De- New Deferred
Do. Account
Do. Passive
Do. Account
Do. Com. Cert. of Coup. not funded
Do. Account
Turkish 6 per Cont. .
1/e Account
Do 6 per Cent. 1858
Do Account
Do £lOO Bonds 67
Do 6 per Cent., 1862
Do Account
Do .£I.OC ponds 66 1
Do. 1863
Do 5 per gent., 1865
Do Account
Do 6 per Cent., 1865
Do 4 per Cont.' Guaranteed
Venezuela, 3 per Gent.
Do 6 per Cent., 1862
Do 6 per Cent. 1864
Do. 4 per Cent. Certificates ..... —
Dividends on the above payable in Loudon.
Austrian a p3r Cent Ex 10 Florins
Belgian, 41 per cent., Ex. 25f.
Dutch if per Cent. Ex. 12 Gail
Do Account
French Rentes, 3 per Cent.. Ex. 25f.
Italian 5 per Cent. 1831, Ex. 25f.
Do. Account 521
T ITO OVLUCK.
Consols, Money O4l 1
Do. Account, Aug. 6

391 9

131 POLICY OF FOUR-YEAR PRESIDEY-

TIAL ELECTIONS.

A large class in the United States are becoming
seriously alarmed at the effect on the country of
the oft-recurring Presidential elections. The sys-
tem in vogue is not that intended by the framers
of the Constitution. What they meant -was, that
the Electoral College should at the appointed inter-
vals choose from among the most eminent citizens
the man they considered qualified for the high office.
They did not intend rival candidates to be pitted
against each other, and the country subj ,cted to
the furious excitement of an election campaign.
The Electoral College simply assembles to count
votes, and in an article in .the Round Table on
Ruler-making, from which we quote largely, the
proportion to population returned by States is
shown to be unfair; for instlnce, Oregon, .Dela-
ware, Kansas, Rhode Island, Minnesota, Vermont,
New Hampshire, California, Connecticut, lowa,
Maine, contain in the aggregate 3,661,579 people,
who are represented in Congress by 31 members,
but whose electoral votes amount to 53. Against
this New York and Ohio contain a population of
6,220,286, sending 50 representatives to Con-
grea, while the electoral votes are but one more
than those of the population, only half as large,
being 54. Thus, if the eleven States were to
choose a Democrat each by a narrow majo-
rity, while New York and; Ohio voted en masse
for a Republican, the population of six millions
would be all but balanced by a narrow majority of
a population of only half that number. The im-
mense increase in the Government machinery since
the war has opened many eyes to the necessity of a
change. No sooner does a President get into office
than he commences to distribute patronage and ce-

went alliances to secure the leadership of his own
or a new party looking to his re-election. If he
quarrels with his party, the case is even worse, for
he is impelled to wild bids to gain the favour of
the other, and in this he sets an example
in the highest degree demoralizing. The Round
Table considers that, first, a President should be
divested of his patronage even more thoroughly than
proposed in Mr. Jenckes's Civil Service Bill, retain-
ing office so long as he commands the support of
Congress or of the Lower House, with possibly
an extreme limit to'his term. So often is the House
elected that its vote might be taken to indicate the
popular feeling, and the Senate, as a check, might
have a veto power involving a special appeal to the
people. The English system of making the Ministry
dependent on a majority of the Representatives
is one worth imitation, for it is found in

practice to work well, stopping effectually what is
otherwise sure sooner or later to occur, the hostility
of the Legislative and Executive branches. The
Round Table is severe on the class of men sent as

delegates to New York for the late Convention

Dressed in conventional suits of black, with their
blue Delegates' ribbons conspicuously displayed,
they were seen in groups in broad daylight seated
on the door-steps of strange houses in Broadway,
embracing each other with tipsy affection. Some
of the correspondents to the London dailies have
described the extraordinary scene presented by the
commercial metropolis during the sitting of the
Convention ; but they were even more struck by
the womankind of these quaint specimens. One
correspondent is ungallant enough to speak most
disparagingly of their personal appearance; but
making due allowances for the curious cut, mate-
rial, and colour of the men's garments, we believe
them to have been fine specimens of humanity.
They did not, however, favourably impress the more
intellectual East with their qualifications for ruler-
making. The Chicago delegates were not thrust
so prominently into the glare of the civilized world;
and although the Round Table does not know how
far drunkenness there prevailed, the probabilities,
it thinks, are, from their coarse and uproarious
songs and howling at each other like so many
Red Indians, that they had a fair allowance of
artificial stimulus. The Republican party asserts
the moral superiority of its members, and instances
this by comparing the delegates sent to the Con-
ventions. But Chicago is not New York, and
due allowance ought to be made for the fact that
they endeavoured to combine pleasure with busi-

ness, going up to the great city f illy prepared for
a sr.ree. alp long and short of it is, that the Re-
public has grown out of the clothes cut for it by its
founders, and if something new be not quickly
provided there will soon be greater rents than any
yet seen.—Anglo-American

It is announced that the Emperor Jf the French,
‘• as a mark of his high personal esteem and admira-
tion of the character and public principles of the
late Mr. Cobden," has sent a subscription of £4O to
the committee who have erected the me►norial at
Camden-town.