The British Press; or, Morning Literary Advertiser.
London, England, 1825-07-27 00:00:00

statism, been expended in this cepntry, and tranwnitto
,to the new state in the produce or Enghs.• h industry.]
But the continental loans are remitted in bullion. By this
means the exchanges are turned living us, and the Bank
of England being compelled to narrow its issues, the
currency is inconveniently lessened, and every commercial
transaction in the kingdom sustains a serious pressure,
mischievous in proportion to its extent and duration.

—,,,
et a i‘, , A ~, VIESDAY Evaxixo.

Tho Consols opened thif morning at 91, but they were exceed-
ingly languid throughout the day. They rather declined in value
before the closing of the market; for 9t14 • 91 WWI then the
current quotation. Exchequer Bills declined to a premium of 271.,
and when it is considered that sr... premium was their value a few
months ago, scarcity of money is naturally supposed to have been
the reason of their decline. In a certain degree this supposition is
correct, fot it is a well-established fact that the Bank of England

has ant latterly increased its circulation in the ratio which the in-
creasing commerce of the empire required. A recent outcry
against the exportation of specie, induced one of his Majesty's Mi-
nisters to recommend to the Directors of the Bank not to extend the
circulating medium; and the consequence has been, that the rapidly
increasing commove of the United Kingdom has not found a cir-
culatlng medium adequate to the extension of trade. A year ago,
When the Bank isaties were the same as at present, plenty of money
could have been obtained on the security of commercial hills, at,
lor seen under, three per cent. per annum. This, however, is not
the case now, for money is extremely scarce for the discount of com-
mercial securities. As the Bank has adhered to the recommen.
dation of his Majesty's Alioisters not to increase the circulating
medium on the responsibility of their establishment, they have
found that the profits of the Proprietors can be best increased by
discounting good mercantile bills at four per cent., and to enable
them to pursue this course they have found it necessary to sell
Excheliteer Bills, of which they are the great holders, and from
which the interest derived is about 2i.per cent. per annum. This
is the true reason why Exchequer Bills have declined from a pre-
mium of elle. to 27a. and it is also, the reason why the discount of
mercantile Ols has advanced from three percent. to four or even
five per cent; per annum. It ii certainly unwise for Government to
interfere in 'any manner with the &mistier,* of the country.
The Berelrof Evened, in arnsidertng their own interest, and
the moat advantageous application of their credit and property,
will generally best consult the welfare of the community at
large. To limit Bank issues, whilst trade increases, is an injury
to productive labour; as it renders capital dear, which of all
articles ought to be cheap for commercial purposes. British
capisalists will not export specie without an adequate taum of pro.
perry. A profit must attach to its exportation, the same as when
sugar, rum, or any other article of traffic is exported, and under
the laws of free trade the more of any article which can be spared
for the use of foreign nations, the greater must be the return made
for it to the nation which can afford to give it. To export specie,
and to supply its place with an undoubted paper currency, is as-
suredly a cheap and beneficial way to promote the increasing wealth
of the empire.
On the Foreign Stock Exchange the transactions this morning
were still more languid than those on the English Stock Exchange.
Colombian Bonds declined to 841, but afterwards were in demand
at 84. Several rumours were propagated, but they -were gene-
rally too absurd to be repeated. Amongst the rest, a new Loan to
the Colombian Republic was the most naturally received, as having
some foundation. About a fortnight ago it was stated in the
British Press that an individual had offered a loan to a certain ex-
tent to the Colombian Government, at the rate of 1001. for an an.
nuity of 6 per went. The history of this offer can be best under-
stood by reference to the following extracts :

" BOGOTA, APRIL 9, 11125.
" A report is in circulation of a certain individual here offering
to the Government a Loan, for the purposes of taking up the Deuda
Domestics, bearing five per cent. interest, but no time fixed for
payment. These persons are great holders of this paper, and if the
Government accepts the offer, I need not say they will makes great
deal of money by the business."
" BOGOTA. MAY 9. 1825.
" The Scheme for the new Loan did not pass the Congress, which
closed on the last day of the month past ; nor do 1 think it will the
next, as it will only afford s particular interest to the Contractor. I
therefore recommend to give attention to the Funds of this Govern.
ment."

The following is an extract from the Constitr.cional of Bogota,
of May 6, 182b:—
„ We congratulate all our fellow-citizens holding bonds or de.
benture. on the national interior debt, particularly those who are
not possessed of much capital, on the Senate having withheld the
mortal blow which win about to be inflicted on them by the decree for
a new loan, the effect of which would rather have been the d estruct ion
of the poor bond-holders than benefit to the state, and which had'
passed the Chamber of Representatives. Our limits will not per.
mit us at present to enlarge on the projected decree, but we will do'
so in a future number. In the mean time we shall only say that
we einnot help admiring the contradiction of the Committee of
Finance,which, after having reprobated in the warmest terms every
thing they conceived injurious to the interests of the people of
Colombia in the loan which was managed by Sres, Arrublas and
Montoya, have made the most strenuous and eager efforts to facili-
tate the passing of the projected decree for the new loan, by which,
there can be no doubt, the poor patriots must tare lost more than
60 per cent. of their capital and their hopes."

Thus, on a circumstance favourable to the credit of Colombia,
the depression of her public Securities this contrived to cause
a decline in their value of nearly one per cent. !
In Shares no alteration can be noted. A Fish Company has
descended into oblivion, and so also must many other schemes,
founded on principles far less tenable than those of an Association
which might have rendered important services to the inhabitants of
London, had its conduct been equal to its design.

The General Joint Stock Company for the promotion of
French industry, which we noticed some tlits ago, has
completed its organisation provisionally. It now only waits
for the Royal license to begin its operations. The Com-
mittee has been appointed to examine tae projects for
which pecuniary assistance has been solicited.
The first column of Austrian troops leaving the King-
dom of Naples passed through Rome on the Bth of July.
GERMAN UNIVERSITIES.—The German Papers contain
a comparative list of the number of students in the dif-
ferent Universities of that country. Tlicrc were at Wurtz-
burgh 613 students, 471 natives, and 14'2 foreigners ; at
Gottingen 1343 students, 738 natives, and 807 foreigners;
at Tubingen 827 students; at Bonn 826; at Heidel-
berg C 96.

The absurd restrictions that were impose] on trade under
the mistaken notion of protecting and fostering it, are, we
are glad to perceive in every country, in a course of re-
moval. Formerly in Denmark manufacturers were not
allowed to sell, either wholesale or retail, in the places
where their manufactories were established. By a decree
issued on the .Seh inst. this restriction is abolished.
Another decree regulate:a the tare to be allowed. an paying
the duties on goods exported and imported.
THE PLAGUE IN EGYPT.—A letter from ]Marseilles
says—" The two French brigs Les Cinq Smuts and
L Heureux Sabine, which arrived from Alexandria on the
23th and 29th of June, have been placed under strict
quarantine, and deprived of all communication in the port
of Pomeque, where they are closely superintended by
guards posted on shore, and by two boats placed at a small
distance. The access to the port of Pomeque, and to the
isle of Rotanireau has been prohibited to all persons who
are not called thither by their functions. The hoard of
health at Marseilles has thought it expedient to adopt
these measures on this occasion, which it has even judged
serious enough to declare itself permanent, so as to be able
immediately to order other measures which events may in
the sequel render necessary."—Etoile /TA/marry.
The smallpox continues to rage at Lyons. Infants; and
even adults, die of this shocking disease every day, or are
disfigured by it during the rest of their liver. A Journal
of that city has suggested that, as in the Netherlands, the
infected houses should be marked out by a black flag, and
all inte mese with them prohibited.
A celebrated improvisatrice, named Rosa redelei, is now
at Rome, where she excites theenthusiasni of the numerous
audiences, who behold her performances with delight and
astonishment. On the :id of this month, sbo composed
extemporaneously on seven subjects in different metres.
An elegant style, splendid imagery, rhymes always happy,
and verses always harmonious, have distinguished her el-
fusions. She unites profound learning to the most lively
wit. The Latin Academy have hastened to inscribe this
new Corinna in the dumber of their members.