Star.
London, England, 1825-11-15 00:00:00

THE EVENING STAR.

LONDON.

--0.-_
TUESDAY, NOVEMBER 15, 1895.
STOCK EXCHANGE, TWELVE O'CLOCK.

The depression of the Funds stiU continues. This morning,Con-
.oh opened at 85k, but got. up to 8.5 i, and lowered again to Bij
for the Account, at which price they are up to this hour. A
great gloom still hangs over the Market, which appears very heavy,
though a good deal of business has been done.
Cumin Prices: Austrian 93/ 94, Brazil Scrip 11 10i disc.
Colombian Bonds New 671 68, Greek Bonds 221 23, Mexican 641,
:Mexican Snip 12 disc. Russian 891, Spanish 15/ 16.

Pa ICE OF s.rocKs AT TWO O'CLOCK.
Bank Stock 222
3 I er Cent. Iced. 851 k
8 per Cent. Cons. 85 Vs 7/ 5/8 85 85%
Si per Cent. 951/2
Si per Cent. Red. 931/4 92%
4 per Cent. New 1021/2 103 102%
Long Ann. 20% 14
India Stock 26314
India Bond, 9 10
11,000 il:xchey. Hills 1 2 prem. par.
£5OO ditto 2 1
0100 and OW ditto 5 6 1
Cons. for Acct. 85% Vs Nth 8578
EXCHANGES.
MUTE/MAX, Nov. 11.—On London, 40. 2M. 39. 9.
RIGA, OCT. 31.—0 n London, 10,1.
SMTII2I.II, OCT. 3.—On London, 46i. 47.
FRENCH FUNDS, limits, Novsuaus.
Five per Cents. . 98f. 10c.
Three per Cents. . . 67f. 70c.
Bank Stock . 2120 f.

Rentes de Naples Certif. Falconnet 83f. 50c.
Reines ii. Ecp ag n e . . . 10f.
Royal Spanish Loan, 1623 . . 49f.
Haitian Loan . . . S32f. 50c.
Exchange on London, One Month 25f.
nice Months . . . 24t. Soc.
DUTCH FUNDS, AMSTIRDAM, Novsmszr. 10.
Active Debt, Two and a Half per Cents. . 57 571
Deferred Debt . . . . 1 1
Ditto ditto Lottery Tickets . . 22 221
New Stock (Syndicaat) or Four & Half per Cents. 991 994
His Majesty's Trading Company, ditto ditto . 971 98
Hope and Co.'s Russian Five per Cents. . 1011 1011
Ditto ditto Spanish Five and a Half per Cents. 55 36
New Spanish Loan (1822), Five per Cents. 161 17
French Five per Cents. . . . 991 100
Ditto Three per Cents. . . . 71 711

BUENOS AYRES FUNDS, Samoans. 4.
Six per Cents. . . 76
Bank Stock . . 58 per Cent. prem.
Exchange . . 461 47
FOREIGN FUNDS, TWO O'CLOCK.
Austria. Pd. S p Ct. Mex.Scrip,lB2s, 121 3 6 123 dis.
Brazilian Bonds, Ditto Acct. 121 1 4 121 dis.
Dc. Scrip,Sr(7.lB2s, 11 101 dis. Neapolitan Bonds,
Ditto Acct. 11 103 dis. Perust.Bonds, 6 pC.
FtletioS Ayres Bonds DittoScrip,lB2s, 6 pC.
Chilien Bonds, 6 p Ct. 55 Portuguese Bonds
Colombian Ms, GpC. 661 Pruss. lids. Sr C. 98
Ditto Acct. Do. Bonds, 1822, 911
Do. Bloods 1824, 671 68 671 683 Russ. Lid 5,1622,6 p C. 891 ri
Ditto Acc. 671 4 684 67/ 681 68 Ditto Acct.
Danish Bonds, 5 p Ct. Span. 5 p('t.C. 16 153 i 143 153
Du. Marks Hance Ditto for Acc. 151 1
Ditto Bonds, 1825, Ditto 510
Greek Minas . Span.sp. Ct. C. 1923,
D0.Lid5,1625 spe. 221 23 French Itentes, SpC.
Ditto Acct. , French Ilentes,3p C.
Mex. Bonds, 64 i Exchange,
Ditto Acct. 64/ a ! Guatemala Strip, 5; dis.
D0.130nd5,1825,6 pCt.7.l l 731 a Ditto Acct.
Pitta Acct. 721 4 73i 721 I Russian lnscript. 6 p Ct.
IiItITISII AND FOREIGN WARES, TWO O'CLOCK.
SHAKE- rAnh
Anglo Mexican 5 pm. 100 30 55
Haytien 100 .5 21
Potosi. l.a Paz, do Perin.. 50 5 3% 5 3.
Royal Irish 25 1 9-16 par.
Real del Monte 400 3.r.0 '470
United Mexican 40 20 291 30
Ditto New 40 10 191 201
Welch Iron &. Coal 25 15 7
Marine Alliance 100 5 6
liritiah Iron Company .. 100 .4.5 173 1
British Rock Sc Patent Salt' 10 6 83 9
British, Irish, and Colonial
Silk Company . . 50 2 14
Canal Gas Engine 50 1 ii 4
Irish Manufactory 100 1 1
Provincial Batik of Ireland 100 10 s, 81 8

The rapid fall in the Public Funds may now be
said to have assumed the appearance of panic, Consols
having left off yesterday, at 85k, from which, if the
accrued dividend be deducted, the result is a nett price
of 84i, yielding interest at the rate of Si per cent. for
money. The prices of the French Funds, on Satur-
day, evince a still greater decliae ; for, abating the
accrued dividends in like manner, the nett price of
the Five per Ceats. was 97-1, and of the Three per
Cents. 66i. so that the former yield £5 3s. pet cent.
and the latter 4i per cent. as the interest of money.
That this depression in the value of funded property is
altogether unconnected with politic-1 speculation, may
be made apparent to any one who wilt open his eyes to
what is passing around him. The high prices of the
daily necessaries of life, bread, beer, butchers' meat, and
coals (notwithstanding the late remission of the duty on
this at title), all verging, without the pretence of scarcity
or bad seasons, to the same scale at which they stood in
time of war and in a paper•curtency, present such a
temptation to competition, that capital to an immense
extent will naturally leave the funds, when it can so
much more profitably be employed elsewhere.
The urgent demand for capital (vulgarly termed a
scarcity of money), vi hich is consequent on very high
prices, cannot fail to raise the rent or hire for which
money is to be borrowed, and this is the very same
tiring as lowering the fun ds.W hen the pound of butchers'
meat and the quartern loaf both are at the average.
price of 10d. the farmer's profits must be enormous,
When beer, notwithstanding the remission of the heavy
Malt Tax, equal to two milli ons a-year, is at sd. the pot
just the same as ever it was in war time, we require no
political diviner to prove the preks of the brewer, and
the probable extension of his demand for grain. When
coals, after taking off the duty of 3s. 6d. per chaldron,
are still at 565. we have reason to believe the shipping

'interest is so rittsperous a 3 t 9 atth:ct competition;'
and that people will' hardly 1* Contented with three
and a half per cent. for their money in the Funds while
they can realise from ten to twenty per cent. in trade.
To our simple judgment it is manifest, therefore, ihat
the prices of Stock will clntinue rapidly to fall for a
time, until competition and an overabundant supply
shall have lowered the price of commodities, and then,
that such a re-action will take place, as shall generally
cause the Three per Cents. to range a ttifie above of
below Bs, which, in time of peace, is their utmost natu-
ral price in an industrious community. This opinion,
our Readers will remember, has uniformly an.l re-
peatedly been pressed by us on their attention ever since
last summer, and the result has amply verified our
prediction.

We beg now, however, to prepare them for another
state of things, which will speedily approach, and be
productive, perhaps, of much individual suffering.
The competition which will be the inevitable conse-
quence of the 'present unnaturally high prices, cannot
fail to give rise to excessive speculation. Over-trading
is ever the forerunner of extensive bankruptcy—and
that next year, thee effects will be felt, is, as we humbly
conceive, without the gift of prophecy, sufficiently ap-
parent.

Some uneasiness is manifested in the minor German
States, lest the death of the Kir.g of BAVARIA should
be followed by a change in their situation; and it
is even stated in the German Papers, that exchanges of
territory are meditated, in order to diminish the systems
of Customs on the Rhine. Among other changes, it is
said that Rhenish Prussia will be ceded to Prussia in
exchange for some other territory. Before these trans.
fens of subjects from one Sovereign to another are
made, we would ask, is it not much easier to equa-
lize the different systems of Customs that prevail?—
We should think so, certainly, and consider the
ceding of territory, and with it the people, from one
Prince to another, as impolitic, if not unjust. BONA•
PARTE erred in this ; he placed JOSEPH on the throne of
Naples, and before he had time to reconcile the Neapo-
litans to the change, sent him to reign in Spain, and
gave to MURAT the sceptre of Naples, in accepting
which, he vacated his sovereignty of the Grand Duchy
of Berg. These changes unsettled the minds of the peo-
ple, weakened the confidence which it is so desirable
the people should have in their rulers, and shook to the
very foundation, that hereditary attachment and alle
giance which is so firm a protection to every throne.

The affairs of South America occupy the attention of
the French journalists. The Journal des DeWs, in an
article on the Congress of Panama, strongly censures
the supineness of the French Cabinet, in not taking ad-
vantage of the new order of things. The C'onstitutiounel
inserts a letter from Lisbon, making some remarks on
the recent treaty between Portugal and Brazil, and
stating some reports of the aversion of the Holy Alliance
to the nature of its stipulations.

This WAS to be expected. An article from Lisbon, in
one of the French Journals states, that the Emperor of
BnartL will shortly make a voyage to Europe, to ce-
ment his reconciliation with his Royal Father. Account,
direct from Rio de Janeiro, of as late a date as those re:
ceived in Lisbon, do not, however, allude to this ru-
moured visit.

It appears evident that the Jesuits are growing holder
and bolder every day on the Continent. Two Professors
of Paris, M. ROYER COLLARD and M. GUIZOT, are in-1
terdicted from lecturing at the Sorbonne, a pretty sig-
nificant hint to the other Professors, that they can only
hope to hold their situations by the tenure of sub.
serviency to the Priesthood. We say interdicted,
although from the advertisement for *the opening of the
Course of Lectures, which commences to-morrow, it
might be supposed they were only defer red. The follow-
ing are the Terms in which the ad vertiesment is couched :

" History of Modern Philosophy, M. Royer Collard, Professor ;
M. Cousin, Assistant. This course will not take place during the
year 1825-1826. Modern History, M, Guizot, Professor, this
course will not take place in 1825-11126."

The Constitutionnei, in noticing this subject, says,

" Speaking only jesuitically, this means Modern History and
Philosophy are proscribed at Mont Rouge. M. Royer Collard,
M. Guizot, and M. Cousin, are on the ind-x of the Propaganda
Ultramontain, and consequently the Lectutet of these Professors
shall tmt be delivered this year, as they were not deliv;red last, and
will not be delivered, if things continue as at present, next year."
The same French Journal states, that one of the
Grand Vicars of the Bishop of ANGERS has sent such an
unequivocal threat of suppression to the master of a
sch-ol for mutual instruction, that the latter thought
prNer to shut up the school, feat jog to incur the dis-
pleasure of his ecclesiastical superiors.
The Courier Francais emphatically says—" Tole.
ranee is now proscribed under the new word of 6 tole-
rantismus,' 26 the doctrines of Bossuet are proscribed
as heresy."
What a contrast does this conduct of the French
Clergy form to that of the Catholic Clergy of the Ne-
therlAnds, noticed in the STAB of yesterday, mho see in
the diffusion of knowledge " a new cause of prosperity
to the Catholic Church."

Dutch Papers, to the 13th instant, reached us this
forenoon. In the Second Chamber of the States General,
the project of law for the introduction of a new gold
coin of five florins value,has been adopted, after a short
debate, by a majority of fifty-nine to one. M. VAN
ALPPEN being the only member opposing it.
It is reported that the King of the NETHERLANDS,
having submitted to a Committee, composed of Physi-
cians and Chemists of various parts of the kingdom,
the question whether the practice of burying the dead
in Churches, is or is not injurkus to the public health?
they declared as the opinion of this Committee, that

the "Custom of burying in Churches shot.iii cease, „as'
fosing ultimately injurious to the living.
Accounts from Presburg- state, that the Hungarian
Diet, in a united sitting of the Chambers, had resolved
to present an address to the Extr*Erich, in order to ac•
quaint his MAJESTY that persons high i t office, even
Hungai ians, filling the post of Royal Commissioners,
have violated the Constitution by the empluyment
of the military force, and to petition his MAJESTY to
call these persons to account, and have them punished
according to the law ; and to annul the ordonnances
which ate at variance with the Constitution.

It is asserted that this alludes to the order given by
the Hungarian Chancery, at Vienna, to the counties, to
pay the land tax, not in paper currency, but in silver :
making an addition of 250 per cent. a measure which
some persons think should have been first submitted to
the Diet for its approbation.
These Papers contain accounts horn Batavia of the
18th of May, stating that Malacca was given up td the
authorities on the 19th of April, putAuant to the
Treaty of Nlarch, 1824.