The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-06

| war in the Pacific. We stated, on the arrival Of
the last mail from India, that our Admiral was at
| Singapore, assembling squadron with the view of
looking after the Russians In the China seas. At
! that time 1t was understood that the Russian Ad-
rlirai. with the ships under his command. was at
4 Manila on his way home to Europe, and having
| met with some damage, which the authorities at
] Manila would not give the requisite facilities for
repairing, intended to call at Java to effect the me-
cesssry repairs. This story of the flag ship having
| sustained damage requires confirmation, whio the
ruse, on the part Of the Russian Admiral, to blind
his future intentions. Prior to leaving Manila he pur
chased bills upon Batavia and this led to the belief
of his intending to call there One of his ships was
seen of the port of Woosung by the steamer which
carried out the last outward mail to Shanghai,
waiting the dispatches sent ont by said steamer,
and after receiving them proceeded TO sea. Where
the rendezvous is to be, no one knows but all in the
East suppose the ships have proceeded to the Rus
| sian d0miniOEs in the north. It may be So but,
joined by the heavy Russian frgate Aurora, which
sailed iom CalIao the 2eth April (prior to the re-
ceipt Of the declaration Of war, which reached that
1 port the 7th OF May) and Diana, which had pre-
yiously left Valparaiso the feet would be formidable
in the Pacific, and might do an Immense, amount of
could be learnnd. The destination Of the Aurora
was supposed in Caliao, to be the Sandwich islands
The frigates Aurora and Diana left Europe at the
latter end OF last year, and 1t s too much TO sup
pose that they were sent out to the Pacific without
an object, or that such object WAS merely to seek
shelter in the Asiatic or American ports Of Russia,
as in that case they might az well have stayed in
Europe. Mystery u the groundwork Of conjecture,
which Ia offered an ample field for its exercise In
| these movements Of the Russian ships.
from the Overland Friend OF China, March Isl
BY the Spanish war steamer Jorge Juan we have
received copies Of the BOiafin de FUpinns OF the
Russian squadron consisting Of the frigase Palas,
corvette Ohvontza, transport Prince Menchicoff,
and steam tender Vostock-iett Manila, on cruise
southwesterly, on the 18th instant. The papers
containing accounts Of the arrival of these vessels
from Japan are, we suppose, on board the Nun
daques, which left for Macao on the nth. ~
After this was written, we received from cor
resporanrt the following tem ~ aas.icnal iutelli
Tn. ...ssian feet left this ON Tue l.ui-il is said
for Batavia. The Russian Admiral applied for per
mission to build dock, erect an observatory, &c.,
which was refuscd-some say because the Governor
General has received orders to grant them favOrs
until the Emperor Of Russia acknowledges the
present Queen Of Spain as entitled to the throne.
Financial Operations Of Russia in the Euro
pcan Money Markets.
from the London Express, june 90
One of the most remarkable features OF the day
Dune 19) was the announcement that a new Rus
sian loan of $4,000 900 silver roubles or 900
to 900 sterling, is proposed for subscription
in Holland, under the auspices OF Messrs Hope, Of
Amstel dam, and Messrs Seielitz Of ST. Petersburg.
The subscription price is fixed at SO per cent in
5per cent stock TO be paid up in full on before
the 30th July, without deduction for interest. The
sinking fund is to be 2a per cent per annum, and
the bonds are to be drawn by lot for redemption if
the market price be above par. The interest, it is
proposed shall be paid in April and October in St.
Petersburg and Amsterdam, at an exchange of SD.
per silver roube. The letters from st. Petersburg
| make no mention Of any such financial operation
as in progress but this Is not surprising, knowing,
| as we do, that writer's in that city dare not
| use their pens freely. It Is scarcely neces-
| sary to remark that no English capital will flow
into, nor will the English market be open to,
htc In fNf &c 30 1sIo
to persevere in his course Of unastable aggression
What success the loan will meet with amongst the
jobbers in Amsterdam remains to be seen, bnt they
wiz DO well to look narrowly to the political social,
| that that government suspended payment of divi-
dends at time when it was not exposed to a 1.-THE
OF the danger which will nfaibly result If the pre-
sent war be protracted with the combined force of
Europe directed against the aggressive power. II,
on a comparison of the current prices Of existing
Russian stocks, the issuing price of the proposed
new loan should appear relatively low, attention
must sti be paid to the means by which the market
value of Russian stocks has been maintained. For
months pase large purchases Of Ru1sinu ntoc1a haNe
been made in the varions markets of Europe by the
| Russian government, with the view, of course, Of
supporting its credit and of facilitating the issue of
this new loan, which doubtless was then in contem
| plation.
| To this end the funds of banks and Of va rious
public institutions in Russia have been diverted by
| government order, from their legitimate channels
| Of employment and have been transmitted abroad
to strengthen the hands Of the Russian agents. or
| several such operations in the London market we
| have positive knowledge. In spite, however, of
this artificial support, there was complete panic
few months ago In Russian stocks Atthe end Of
February, Russian Five per Cents fell to 50 per
cent, showing fall Of no less than forty per cent
from the prices that were current before the Gear
entered upon his present reckless and hopeless
course. The mode in which the late rally was
caused we have already adverted to. It may rea-
sonably be asked what security can subscribers to
avv 1oou b0uo hat han fhoG Tea
gained, and the money raised, all such support will
be withdrawn and Russian stocks be left to seek not
| snch market level as may be considered suitable
to the bankrupt and distracted condition OF the
State?
The English and American TAxins-sagar
Dulles I'm Britain.
from the London News, June 2i}
The news from the United States is highly inte-
resting, for it tells us that the dangerous fishing
squabble has been settled, and that the squadron
employed in watching the Yan&ee fishermen may
now be drawn of for more important aud honora-
bic services. Nor Is this all for the late arrival
brings the important information that just at the
time when we are increasing our sugar duties the
Americans are, with every prospect OF success agi
Eating for repeal of their sugar duties. In the
| United States sugar taxes are almost what corn
duties were to us-a tax levied for the benefit of
body of landowners on necessary Of fffe-and our
success in getting rid of corn laws Is not without
its influence in exciting the demand in the States for
the abolition Of sugar duties. 1t is step towards
free trade, now become like sugar or corn itself one
! Of the necessares Of social life.
When Congress imposed duty OF two aud a-half
cents per ID. on raw sugar IN $3.50, the spirit Of
protectionism bad been rampant for years. Under
its regime, but IN spite Of it, we had succeeded,
and ether nations believed, as our public men as.
serted, that our success was the consequence Of
! protection. National animosity, combined with
spurious patriotism but real selfshness and defe.
renee to the nsages OF the Old World which the
! Americans are fond Of initiating, instead of adher-
ing steadily to the principles of freedom, had long
before 1888 induced Congress to follow our own
| example, and levy taxes on iron and wooIIcns in
Those who supposed they were benefited by such
! taxes found out In the progress of time that
their only chance Of retaining them was
| by enlsting the planters Of the South
| interest In Louisiana which was unknown
before 1870, became powerful, 1t was bought over
10 protection by the wooen and iron interests com
b.nipg with it TO impose general tax on the sugar
| Of the nenue. for ifa hene6f Mich La. la 49,.