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hhim Iin6iMeiie&

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hhim Iin6iMeiie& tliOM OUit LONDON CORRESPONDENT. CITY, THURSDAY EVENING. Whatever ulterior results may flow from the astounding political convulsion that has, during the last week, shaken Europe to its centre, its immediate effect upon business has, naturally enough, been that of producing utter stagnation in every department of our foreign trade. It were impossible to describe fully the intense anxiety and excitement which have pervaded every mercantile circle, as each arrival from the scene of revolution has appeared nor can we form any adequate estimate ot the interests which have been at stake. Suffice it to say, that the alarm has induced a panic on the Stock Exchange, such as hardly finds a parallel. The circumstances of this extraordinary conjunc- ture are thus detailed by a writer in the Banker's Magazine":—"The news of the abdication of the French King was published in London between four and five o'clock in the afternoon on Friday, the 25th February. The Stock Exchange had closed for the day, as usual, at three o'clock, when Consols left off at 87 to i for money, and 87ft to á for the next ac- count in April. But immediately the news became known, private bargains were transacted at a fall of nearly three per cent., sales having been effected at 85 and on the following day, Saturday, the 26th of February, the Stock Exchange presented a scene of excitement which has not been witnessed for many years. Consols opened with a sale at 84h, from which quotation they very soon fell to 83, and after- wards they were offered at 82f, and declined making a fall of seven per cent. in the course of two days, which is an occurrence quite unparalleled in the modern history of the money market. At the time we write (Monday), prices remain as unsettled as the above quotations indicate and the prevailing feeling of alarm will no doubt cause them to go lower, when the orders from distant parts of the country for sales are thrown upon the market, as they doubtless will be. In 1830, when the last French Revolution occurred, which placed Louis Phillippe on the throne, Consols fell from 91, about one and a half per cent. only and in the course of a few days afterwards, rose to 93. It is evident, therefore, that the revolu- tion then was regarded in a very different light to that which has occurred now; and those who are hesitating whether they shall sacrifice their property at present prices, may do well to ask themselves whether the circumstances of the two periods are so very different as to justify the alarm and panic which has just exhibited itself." To account for this extreme agitation of the public mind, and the notable decadence in the value of se.. curities which has resulted, it seems to us only neces- sary to consider the highly sensitive state in which our recent disasters have left us, and the magnitude of our present commercial relations with France, which far exceed those of any former period. Not only is an immense amount of English capital in- vested in French Loans, Rentes, and Railways, but our banking connexions with Paris have grown to such an extent as never before existed, arising, in part, out of the transactions of numerous Mediter- ranean houses now established here (but unknown a few years ago), most of whose bills are drawn upon that city. Added to all this, the war question has recently been mooted more fully than wisely; and recent events tend to heighten the probability of peace being disturbed. Under these circumstances it is no marvel that confidence should again be shaken by events which seriously embarrass the monied in- terest. Already immense losses have accrued to holders of Foreign Securities here and on the conti- nent, and yesterday, intelligence reached us of the failure of the Commercial Bank of Antwerp. Other disasters there and at Paris are apprehended. The general tone of feeling is, however, quieter to-day, and everything now depends upon the settling down of commercial affairs in France under the Provisional Government. Many persons anticipate a speedy reaction here. At all events, the security which capital obtains in this country, is likely to induce an influx of it for investment from the continent, and thus money will become a drug. The withdrawal of the measure for increasing the Income Tax has created a much better feeling in the city, as did the avowal, by Ministers, of a pacific policy at this crisis but their position is deemed a weak one altogether. Things are very quiet to-day in the Stock and Share Market. The French lines do not improve, though the low prices present a strong temptation to speculators. Messrs. Rothschild declined yesterday to pay the dividend for the French portion of the Greek loan, not being in funds from the new Govern- ment but remittances are expected to-morrow. The accounts in town from Paris are up to Wed- nesday and to-day, when tranquillity reigned there, and business was being resumed. Nothing is known of the locus in quo of Louis Philippe. The Iron Trade continues in an improving state bars and rails are both in better request, and the accounts from the Clyde of the sale of pig iron indi- cate a tendency to advance. At Liverpool, the cre- ditors of Levons and Sons met on the 22nd February. The estate is to be wound up, under the inspection of Dr. Bowring, M.P., Mr. Brown, of Stourbridge, Mr. Williams and Mr. Finch, of Liverpool, and Mr. Davey, of Neath. Investments in collieries and iron works in South Wales, to the extent of £ 82,000., besides other engagements of magnitude, will involve —-it appears, a protracted and uncertain liquidation. In Mincing Lane produce, a good business bas been done, at advanced rates. Sugars have more particularly improved, and the sales have gone oft with spirit, during the earlier part of the week. To- day, however, the Colonial Markets are less ani- mated. The state of the Corn Trade affords but little room for observation. Here, no improvement in prices can be noted, and the duties on imports from abroad are again in operation, according to the suspended Act of 1846, at the rate of 6s. per qr. of wheat, 2s. 6d. of barley, and 3s. 7 id. per barrel of flour. Tuesday last, a small advance was established at Liverpool.

An Account of Coal brought…

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THE TWO GLOR[OUS DAYS.

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MERTHYR.

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SOUTH WALES RAILWAY.

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