The Sun.
London, England, 1837-11-20 00:00:00

MONEY MARKET-SATURDAY.

(From the Morning Chronicle.)
There has been an unusual degree of business transac-
tions to-day in the English Stock Market, and Consols. as
well as Exchequer Bills and India Bonds, have sustained a
considerable depression. Consols, which left Off firm yester-
day at 934 buyers, for money, opened this morning at 92f,
receded to 94 but afterwards recovered themselves a little,
and ultimately closed at 923- to and 931 to for the
January Account. Exchequer Bills have receded to 445.
to 465. premium, and India Bonds to 31s. to 335. premium.
Various causes were assigned for this sudden gloom in the
market,. and it was at first thought that a revolution had
broken out in Hanover ; but as this was not confirmed, it
seems almost entirely attributable to the fall of 1 per cent.
which has taken place in the French Rentes, under an im-
pression that a loan will be shortly required by that coun-
try to meet the additional and heavy expenses which France
has had to sustain lately.
Shares sustained themselves better than the other mar-
kets. Birmingham Old, however, are 11. lower, but South-
ampton and Great Western are higher. Birmingham left
off at 56 to 58 prem. ; ditto New, 16 to ; Southampton,
16 to 15 dis. ; ditto New, 101 to I 1 prem. ; Great Wes-
tern, llf to 124 prem. ; Brighton, 2 to L per share ; Croy-
don, 3 to 2 dis. ; ditto New, 4i to 5 prem. ; and South-
Eastern, 4 to 3 dis.
The official return of the weekly liabilities and assets of
the Bank of England for the quarter ending the 14th in-
stant, by a comparison with the report for the quarter end-
ing the 17th of October, shows a decrease in the circula-
tion of 372,000/., the difference between 18,344,0001., and
18,716,0001. ; a decrease in the deposits of 259,0001., the
difference between 10,242,0001. and 10,501,0001. ; a de-
crease in the securities of 1,331,0001., the difference be-
tween 23,985,0001. and 25,316,0001. ; and an increase in
the stock of bullion of 576,000/., the difference between
7,432,0001. and 6,856,000/. The same cause which has
occasioned'a decrease in the circulation, deposits, and se-
curities, and an increase in the amount of gold and silver
in the coffers of the Bank, for the last several returns, has
produced the present results. Money, in fact, is so ab un-
dant out of doors, and being obtainable on much more easy
terms than at the Bank, there are no applications for loans
on the part of the merchants, which necessarily causes a
falling off in the deposits and securities ; and bullion not
being in demand for exportation, while confidence is rapidly
recovering itself throughout the country, it naturally aug-
ments at the chief moneyed institution. The . position of
the Bank of England has not altogether been so favourable
for a very long period, and the quantity of gold in their
hands, as compared with the circulation, ought to remove
all apprehensions from the minds of the Directors, lest the
monetary system should be deranged by an extensive de-
mand upon the Bank for the precious metals.
(From the Times.)
Something of the character, at least, of the operations
to be carried on here by Mr. Jaudon, the late cashier,
and now agent in England for the United States Bank, .bas
at length been disclosed. He is to deal, it seems, in the
stock of the various American States, adapted to the form
in use, which is found so convenient for speculators, with
the Continental foreign funds. There are to be bonds, not
registered as certificates, but transferrable from hand to
hand, with dividend coupons annexed, and a payment in
London at a fixed rate of exchange. Some of these, for
the state of New Jersey, have already appeared in the
market, and they have this remarkable feature about them,
which would imply that the project was not one of any
recent adoption, that the dividends were made payable at
the office of " agency of the United States Bank in Lon-
don," the site of which is at this moment not yet fixed
upon. At least, if Mr. Jaudon has settled his place of
business, he has not in any way yet made it publicly known.
There is other evidence, however, of the project itself
being by no means of recent origin, for those who had
the confidence of Mr .Jaudon during his visit. to London in
the early part of 1836 will recollect perfectly the desire
he expressed that American State stocks could be do-
miciled at the Stock-exchange in the way that some of the
European funds are, and his surprise that no market could
be found for the securities of his country, while even Span-
ish and Portuguese stocks could be dealt in, at a price, to
any extent. Mr. Jaudon, will now, it is evident, by the
matured appearance his plan presents, be able to make a
market equally good for the securities in which he is to
deal, and with such an overflow of capital as ha now finds
amongst us, from the diminished operations of commerce,
and the reduction of East Indian debt, there really seems
to be no power which can arrest his career, if he only ren-
ders his commodity in point of price sufficiently tempting.
Of the power thus acquired let the Bank of England in the
first instance beware. The merchants, as a class, will care
less about these than the operations he is supposed to have
in view with respect to the exchanges between America
and England, but they too will probably be soon included
within the range of them. In either case, the hope seems
to be on the decline, that his transactions will be of any use
in hastening the settlement of the American debt to this
country.
The intelligence received this morning of a fall in French
Rentes at Paris, operating upon a market somewhat feverish
with the recent advance, had the effect of causing a decline
in Consuls to the amount at one part of the day of I per
cent. Sales were made to some extent, and rumours were
in circulation to account for the fall in the French funds, of
certain untoward complications of the African and Spanish
questions as between England and France. The fact pro-
bably was, that the anxiety of the jobbers to realize was
only increased by news of the depression of the French
funds. Consols finally recovered, and left off at 93f to
for Money and Account, and at 93- to for next Account.
Exchequer Bills, 445. to 465. ; and India Bonds, 31s. to
335. premium.
Foreign securities have generally been heavy, with a ten-
dency to decline, following the appearance of the Consol
Market. In Brazilian this has amounted to s per cent.,
the closing prices being 84 to ; Mexican, 27i to 28 ;
Colombian, 24,1- to 2.51 ; Peruvian, 19f to 20f ; Spanish
Active, 20i- to t, with Coupons ; Portuguese, .5 per cents.,
32 to the 3 per Cents., 21e1 to 224 ; Dutch 5 per Cents.,
101-g- to the 2i per Cents., 54 to 4. The business in
shares has been exceedingly limited, and yesterday's prices
are barely supported.
The usual average return of the liabilities and assets of
the Bank of England, embracing the period from the 22d
of August to the 14th inst., which appeared in last night's
Gazette, gives the following results—viz., that the average
of the month ending the 14th inst. as compared with the
average of the month ending the 22d of August, shows a
decreaseoinf t7h7eoc,oirocoull.a,taionnd oafnl ,ilnlc6re,oaoseo/i.n, atdheecsrteoacske
of tbd
bul-
lion of 1,728,0001. Wherefore it appears that the decrease
in the liabilities is 1,893,000/., and this represents the
decrease in the total quantity of money in the month ending
the 14th inst. as compared with the month ending the 22d
of August, in so far as regards the administration of the cur-
rency by the Bank of England.
The yearly comparison is as follows :—The average of
the month ending the 14th inst. as compared with the
average of the month ending the 13th of December, 1836,
shows an increase in the circulation of 234,0001., a decrease
in the deposits of 2,838,000/., and an increase in the stock
of bullion of 4,059000/. Wherefore it appears that the
decrease in the liabilities is 2,604,0001., and this represents
the decrease in the total quantity of money in the month
ending- the 14th inst., as compared with the month ending
the 13th of December, 183 G, in so far as regards the admi-
nistration of the currency by the Bank of England.
The variations in the stock of bullion have taken place in
,he following manner and proportions .
En the month ending the 7th of March, 1837, as
compared with the month ending the 13th Dec.
12136, there is an increase of
In the month ending the 30th May, as compared
with the month ending the 7th of March, there
is an increase of . 699,000
In the month ending the 22d of August, as com-
pared with the month ending the 30th of May,
there is an increase of 1,584,000
And in the month ending the 14th inst. as compared
with the month ending the 22d of August, there
is an increase of ..

48,000

Being a total increase of £4,059,000
The changes and fluctuations in the circulation will appear
rom the following statement :
In the month ending the 7th of March, 1837, as
compared with the month ending the 13th of De-
cember, 1836, there is an increase of ............
In the month ending the 30th of May, as compared.
with the month ending the 7th of March, there is
a decrease of
In the month ending the 22d of August, as com-
pared with the month ending the 30th of May,
there is an increase of
And in the month ending the 14th inst., as com-
pared with the month ending the 22d of August,
there is a decrease of
which leaves upon balance an increase of 234,000/.
The following are the changes and fluctuations that have
taken place in the deposits :
In the month ending the 7th of March, 1837, as
compared with the month ending the 13th of
December, 1836, there is a decrease bf £2,910,000
In the month ending the 30th of May, as compared
with the month ending the 7th of March, there
is a decrease of
In the month ending the 22d of August, as com-
pared with the month ending the 30th of May,
there is an increase of 999,000
And in the month ending the 14th inst., as com-
pared with the month ending the 22d of August,
there is a decrease of
Which leaves upon balance a decrease of 2,838,0001.
The following are the average amounts of the circulation,
the deposits, and the stock of bullion, during the period from
the 13th of December, 1836, to the 14th inst., inclusive :-
1 Circulation 18,350,75011 Deposits 11,232,25018u11i0n 5,414,250

930,000

183,000

130,000