The Sun.
London, England, 1839-10-07 00:00:00

EVEN INu EDITION,

MONEY MARKET and CITY NEWS

(SATURDAY EVENING.)
i POST.—To judge by the money articles in the
, daily newspapers one would suppose we were on the
point of having one-pound notes again, but a little re-
flection and examination of facts seem to satisfy most
1 persons that neither a suspension of cash payments nor
an issue of one-pound notes is to be feared. The
alarming statements which have appeared on the subject
proceed, it is suspected, either from parties interested in
joint-stock banks (Rho look upon the Bank of England
as an enemy), from weak country bankers Who desire
one-pound notes, or from regular panic-makers—capital-
ists who hoard their gold for a time, in order to profit by
I the fright its withdrawal from circulation or from the
Bank may occasion. We have heard of one capitalist
l who has carried this sort of operation pretty far, and
I for which the Bank of France offers every facility, by
making advances on bullion at one per cent. per annum.
But all these mischief-makers will be disappointed. We
4 shall, we dare say, have no one-pound notes nor any
suspension of specie payments.
The export demand for gold for two months past has
been very light, as may be seen in the official returns.
During that period nearly half a million in gold has
come in from the westward ; and in silver, which is
equally useful for squaring the balance of trade, a mil-
lion and a half of dollars have arrived within the past
ten days, while a ship is daily expected from the Pacific
1 with from three to four millions of dollars more. The
I Bank of the United States having ceased drawing, the
balance due to us, so far as it can be paid, will be re-
s mitted in bullion, and 500,0001. to 700,0001. may be
expected from this source during the coming six weeks.
We repeat, therefore, that the panic-makers will be
I disappointed this time, and it will be found in the end
1 that the Bank of England, after having sustained an
unfavourable balance of trade, caused by the large im-
portations of corn and American securities of all sorts
, for seven months, will have righted itself without pro-
f clueing a single commercial failure, or in the least im-
pairing that confidence so important to the stability of
( the complicated system of credit by which the immense
1 business of the country is moved.
1 There was not much business transacted in the Bri-
I tish securities to-day, but the market was buoyant to the
close ; the apprehehsion that there would be a derange-
ment in the American trade, in consequence of what
has recently transpired connected with the liabilities of
the United States Bank, having almost entirely sub-
sided. The advices received from Philadelphia by the
Great Western steam-ship on this subject are very fa-
vourable.

The quarterly dividends will be paid to the public on
Wednesday next. The bankers will sign on the pre-
vious day. Money, which is very scarce in the City,
will, it is expected, become more easy next week. The
payments into the Treasury for duties, and of bills of
exchange which became due yesterday and to-day, have
rendered cash in very general request for the present.
The information received from New York by the
Great Western caused much stir in the City. We
are assured, however, that Mr. Jaudon has received
most satisfactory letters. They inform him that he
will shortly be placed in funds, in specie, commercial
bilis, and other immediately-available property, to pro-
vide most fully for all the engagements of the Bank.
In specie Mr. Jaudon bas received by the Great
Western not far short of 120,000/., besides other
equally good remittances, so that the agency will
soon be placed in a position to pay off the post
notes of the Bank now overdue here, but the liquida-
tion of which, as we noticed in our article of Thurs-
day evening, had been temporarily postponed, pur-
suant to a special agreement with the large holders
for that purpose. The remittances now received and
forwarded were in the usual course, the manager
of the bank at Philadelphia not having been made
acquainted with the events which have occurred at
Paris and Havre at the time the Great Western left
New York. It is very much apprehended that when
the facts were known on the other side of the Atlantic
the pressure for money would be so great as to lead to
another suspension of cash payments by many of the in-
fer-jar banks. There was a very dull market for all
goods at the date of the present letters which reach
to the 22d ult. A strong feeling was expressed against
the exports of gold and silver which were making
to Europe. To Havre about 220,000 dollars had
been sent off to meet the engagements of the United
States Bank on France. By the British Queen and
the Liverpool eteamers, the next arrivals expected here
from New York, considerable sums will be received in
specie by Mr. Jaudon.

TIMES.—The accounts received from the United
States by the Great Western are discouraging to all
who have an interest in the affairs of the United States
B ink, or in any securities whatever of American origin.
IF, after some weeks of unexampled exertion to raise
finis in ail the seaboard and richest States, paying
almost any ur:c.e for accommodation, no suspicion having
arisen at the same time of the difficulties which have
o;•,_urred in alrope, this in3titution has only been side
t.,) remit about 120,0001. in specie. it is but right.and
prud.ra to be prepared for the worst the_t can happen.
llere have also been sent, it is true, as remittances,
shares in abundance of the United States Bank, and
also about 400,0001. in bills of exchange, but, under
the state of discredit into which it has talLn, the former
it is obvious can avail nothing, and the hater will be
absorbed by the mercantile engagements.
rue development of the excited feelings of the trad-
in:z interest in the American States, as exhibited in the
11 ;es (if papers received this morning by the Great
We.temn, under utter ignorance, for the iii*st part, of
the causes which produced it. forms one of the most in-
structive lessons ever conveyed to men of business.

advices from the United States
to-day caused more interest amongst our commercial
and monetary Interests than we have noticed for some
time, but much or the anxiety which naturally prevailed
during a very early portion of the day, in consequence
of the important events of the plat week, abated when
it became knoxn that Mr. Jaudon, the agent of the
United States Bank, was placed in aosomewhat better
.rsition by-.this arrival, and we have every reason to
believe that he now feels very certain of being able to
conquer the temporary difficulties which have lately
and so unexpectedly pressed upon him. In addition to
the suns of 2:58,875 dollars, remitted to the house of
nottinguer and Co., and also the sum of 116,0001. in
specie by the Great Western. we understand on good
grounds that that gentleman has received very large
remittances in commercial bills, and also advices that
he will receive further remittances by the British Queen,
which, on her arrival, it is anticipated, will have placed
lairn in command of about 500,0001. sterling.
The private commercial advices from the United
States do not add much that is of importance to the
commercial review which has already appeared in this
journal ; but the letters received from the most respec-
table parties admit, to the full extent, that the Money
Market at New York, and in other cities of the Union,
had been, and still was under great pressure. The most
curious feature is the heaviness of the stocks generally,
and the extraordinary decline and fluctuation in the
stock of the United States Bank.

Altogether our Money Market has become much
calmer to-day, and probably will so remain for some
time, but there is much anxiety as to the result of the
unfavourable intelligence which would be carried out by
the Liverpool to the United States. Indeed, we trust
that her return may not bring any accounts of a crisis
that may affect this community. The most cheering
portion of the news received this morning is that
woich confirms the late favourable accounts of the har-
vest throughout the Union, but in politics they have
nothing new.

CHRONICLE.—The arrival of the Great Western
at Bristol on Friday afternoon, which was announced in
a Second Edition of the Morning Chronicle of this day,
brought intelligence from New York to the 21st Sep-
tember. The news by this vessel was looked for with
anxiety, and much interest existed to learn the amount
of remittances brought by her for the a,4ent of the Bank
of the United States. The specie is 116,0511., which is
less than was expected ; but besides the specie, a large
amount of bills of exchange and securities have been
received by Mr. Jaudon, which, added to the specie,
may be stated at from 400,0001. to 500,0001. sterling.
When this fact became generally known, the feeling of
disappointment caused by the known amount of specie
subsided, and it is generally thought that the agency of
the Bark of th 9 United States will be relieved front ern-
partassment. Further remittances in specie are soon
expected, and a much larger amount would have beon
sent by the Great Weatern, if time had permitted, after
the arrival of th,_ British Queen ; but the period which
elapsed between the acrival of the latter and the sailing
of the Great We
bible to communicate wrniwth Psso snort, that it was impos-
elphia and other places.

THE HARVEST IN MONTGOMERYSHIRE.—
The bulk of the grain in Montgomeryshire is cu,, but we
regret to say, still unhoused, although the farmers take
every advant ige of the present unfavourable weather.—
Canarvon Herald.