The Sun.
London, England, 1839-11-30 00:00:00

THE SUN, LONDON. SATURDAY, NOVEMBER 30, 1.39.

,MONEY MARKET and CITY NEWS.

(FRIDAY EVENING.)
TIMES.—The purchases of Stock by the Govern-
ment broker on account of the Saving's-banks have been
renewed, but they are on a very smail scale ; the sum
so laid out is 1,000/. daily.
The anticipations formed on the last post-day of an
improvement in the foreign exchanges have not been
realized, a slight decline having occurred in the rate,
both on Hamburg and on Amsterdam. Nothing can
exceed the anxiety of the merchants to see the Bank
of England fairly out of its present difficuities, for they
find its transactions in exchanges constantly interfering
with their own, and even causing them, in many in-
stances, to suspend operations altogether.

A rise in the exchanges can alone set this matter
right, and restore our trade to its natural state.
The half-monthly settlement took place to-day at the
foreign market, and appears to have been attended with
no particular difficulty but what arose out of the scanit,y
of money, which was much in demand. On Spanish
and Colombian from 3to 3-16 were paid for it. The
heavy and continuous decline in Spanish and other
foreign securities during this and several preceding ac-
counts, by which many speculators must have in-
curred severe losses, led to apprehensions that the
day might not pass over without casualties within
doors or without, but one case only occurred that was
heard of, and that of no particular magnitude. Spanish
Actives, with the May Coupons, declined at one time
to 23, but advanced at the close of business to 243 to 3,
which is an improvement upon the prices current
during
,the last two or three days. The same stock
was quoted on the last settling day at 273 to 3, show-
ing therefore a fall of 33 as between the two account
days, but to the lowest point to which the stock re-
ceded yesterday, and:to-day, the fall is equal to 43.
To show the continuity of the fall without any reac-
tion of consequence, it may be noted, that in the pro-
gress of the account ending the 30th of September
Spanish Actives were as high as 343; that on that
day they closed at 303 to 1 ; on the 31st of October
they were 283 to 93 ; on the 15th inst. they
were 273 to a ; and to-day, as before stated,
after falling to 23, they left off at 241 to 3.
The whole fall, therefore, in the course of
less than ten weeks has been 111. 10s. per bond, or
from 341. 10s. to 231. The Portuguese securities
have not given way so materially, although still to a
considerable extent. In the account ending the 30th
of September the Five per Cents. rose to 383 ; at the
close of the last October acoount they were at 333 to
43 ; and to-day they left off at 313 to 2 ; the Three
per Cents, 213 to 23. The chief sufferers by these
fluctuations, with a constant tendency downwards, have
been, it is understood, west-end speculators, principally
among the clubs, where knots of them are found to
make a joint•stock purse for speculation in such
favourite stocks as from the possession of pe-
culiar information, calculated in their judgment
to affect their value, or from pure fancy, they may
be inclined for. It is sufficiently apparent, from
the result of their operations in Spanish, car-
ried on during the four last accounts upon a very large
scale, that they are quite as liable to fall into mistakes
as less pretending adventurers in the city. There was
in the state of Spain at the time, either politically or
financially, no adequate foundation for the large advance
in the prices of Spanish Stock, whose real value must
depend upon the prospect, reasonable or otherwise,
of such improvement in the resources of that coun-
try or the possession of such means as should lead
to a provision for the redemption of some at least, if
not the whole, of the dividends in arrear. It is nee d
less to say that no prospect of that sort exists yet or
has existed for a long time past.

POST.—The English funds continue free from flue
(nation, but with a tendency to advanc. Exchequer
Bills are decidedly better, and money is sufficiently plen-
tiful on the Stock Exchange at a rate of interest not
exceeding five per cent. on the deposit of the best class
of securities.

The settlement of the Foreign account has been at-
tended with great difficulty, and the compromises and
arrangements between the speculators and brokers were
numerous. The most remarkable circumstance that
has come to our knowledge in relation to it is the failure
of one of the managers of the pigeon expresses. This
individual is understood to be in default, more particu-
larly in the Spanish market, to a large amount. Parties
operating for the rise have, generally speaking, suffered
severely on this settlement, inasmuch as the moneyed
speculators closed their accounts at from 32 to 28,
and the weak Bulls had not the ability to
support the market, so that they have been, in a
great measure, at the mercy of the jobbers, who were
in a position to make their own terms. Late in the
day there was much difficulty in obtaining money on
Spanish bonds. Forced sales were effected, and they
declined in consequence from 24i to 24i. It is sup-
posed that considerable losses will have to be sustained
by the brokers who have placed confidence in customers
that were, early in the account, Bulls of Stock, the de-
cline altogether having proved equal to at least 5 per
cent. The business done during the day, for the new
account, was net important. The rate of continuation
given was from 1-Bth to 3-16ths per cent., and this even
by the most respectable class of brokers.
The Continental Exchanges were a shade lower to-
day ; the merchants do not, however, attach so much
importance to these trifling variations as they have done.
No profit can be made on the exportation of gold and
silver at the rates now current.

CHRONICLE.—The only thing to ha noticed in
the English house was a sale of 40,0001. Stock by th
Chancery broker, on which Consols slightly receded
but subsequently recovered, and left off at the opening
prices.
The settling in the Foreign Stock Market was at-
tended with more than ordinary difficulty, owing to the
heavy fall that has lately taken place in Spanish Secu-
rities, the extreme range having been from 28-1- to 23 ;
notwithstanding which the account was adjusted much
more satisfactorily than was anticipated. One rat hcr
extensive failure was announced in the early part of the
day, which it was feared might have led to further mis-
chief: these fears proved groundless—a reaction took
place later in the day, the accounts from Madrid being
better. Portuguese somewhat recovered. In other
Securities there was little doing.

HERALD.—The accounts which have been received
from our Lancashire manufacturing districts, since we
last referred to that portion of our intelligence, have not
at all improved ; and we regret that the advises which
have been received from those in Scotland to-day, parti-
cularly from Glasgow and Paisley, are also fir from being
favourable. Last week there was a considerable
failure or two in Glasgow, and the letters received
from thence this morning announce further failures in
that city. Thus it would now appear that the
Scotch banks are beginning to feel the effects of the
revulsion which has prostrated banking and mercantile
credit throughout the the United States. In this
' remark we do not positively refer to the banks of
New York and Boston as being prostrated ; but it
gives us the opportunity to assert that a strong opinion
prevails here, that if they stand they will prostrate the
whole of the commereial community of that state who
may depend upon them for support, and by consequence
all the commercialists of other parts of the union who
rely upon them.
There has not been so much business to-day in the
Continental Exchanges as on the last post day ; money
having been more plentiful than bills. The advance on
Tuesday may be somewhat attributed to the foreign
bills which arrived from the United States by the
Patrick Henry ; and the flatness of this day may pro-
bably be relieved, if the Great Western arrive in time
for Tuesday next, us bills are expected by her. The
quotations are, however, but a shade lower, and that,
in some cases, governed by circumstances.
The final arrangement of the Foreign account has not
passed over without considerable difficulty to-day. One
member of the house was declared early in the morn-
ing ; this circumstance has since been followed by many
compromises both in and out of the house, and, of
course, during the day, completely kept the rotten secu-
rities in hot water, or rather fluctuation. However,
when it became known that the botch work of tempo-
rary adjustment was Completed, in most instances the
market rallied.

SUN.—The Foreign Exchanges were less buoyant this
afternoon than they were on Tuesday. The following
were the last rates :—Puris, 25 65 ; Hamburg, la 91
to 13 101 ; Amsterdam, 12 4 ; Antwerp,
12 3; ; and
Frankfort, 1501 to 151.
In commercial affairs the only feature is a further rise
in the price of tea, in consequence of the report that
the Chinese ports are to be blockaded by the British
fleet. Prices of teas are up Id to 2d. per lb. with a
most animated demand. The West India and East
India produce markets are flat.
For Consols there was a dull demand this afternoon,
the last prices
were 90a for Money, and 91i for
Account. Exchequer bills have rallied to 2 dis., but
India Bonds remain ut 9 dis.
The pressure for money to pay differences in the Fo-
reign Market was felt up to the end of the day, but
prices of Stock slightly rallied in the afternoon—Spanish
from 23i. to 241 ; Portuguese Five per Cents. to 31/ ;
Colombian to 291 ; and Mexican to 29. There were
several compositi6ns entered into this afternoon by the
creditors of unfortunate Bulls of Spanish Stock.
Shares were all flat. London and Birmingham at 50
pi-etn;M; the South Western at discount ; and the
Brighton at teit disco

•
CAUTION.— To SELLERS OF RAILWAY
SlLipl” —The parties selling shares at the present re-
duced` prices, 4i,e et-m*o hat rho fapi rs
e conyeyinc, them out ttii,lr',Ames, are proper y regis.
tered in the books of the Company, as till that be done
their liability continues, and they virtually guarantee the
sOYeit9y pit !.bc bwyer, a 3 regards any S.s?L'ae9eni: calls
that may Dc Made vrieni shares till .1-1? registration
is completed.—Rothi4
The 4mefiCati Papeq, tired of tll " §e:2, sec.
feet Iri have9o.w FlPlght a filtr4o W 4 7 ' P g