The Sun.
London, England, 1839-10-11 00:00:00

Ely ENING EDITION.

ITY NEWS

MONEY MA

THURSDAY EVENING

C H RONIC L E.—The accounts to-day relative to the
precise nature of the settlement which Mr. Jaudon has
effected for meeting the liabilities of the agency of the
Bank of the United States do not exactly agree. The
arrangement, however, has been substantially what we
stated. The balance due by the Bank at the adjust-
ment has been met by deposits of Pennsylvania Stock ;
2,000 shares of the Stock of the United States' Bank
changed bands yesterday at 201. per share. The Bank
Directors had an unusually late sitting, which attracted
attention, but nothing transpired.
The aggregate averages of grain for the last six weeks
are—Wheat, 70s. 9d. per quarter ; Barley, 395. 6d. ;
Oats,27s. 2d. ; Rye, 395. 7d. ; Beans, 435. 9d. ; Peas,
425. 6d. ; and the duties payable till next Wednesday
are, on Wheat, 10s. Bd. per quarter ; Barley, 3s. 4d. ;
Oats, 6s. 3d ; Rye, I ls. ; Beans, ss. ; Peas, 6s. 6d
Private letters received this morning fully bear out the
favourable opinion which we gave yesterday of the
crops in the eastern counties of Scotland. Oats and
Barley are luxuriant, and a great portion has been
stacked in high order, the weather of late in that quarter
baying been peculiarly favourable for harvest work.
We furnished some days since the particulars of the
conversion of Mexican Stock, which have at length
been ratified by the Government of that country, and
are now in course of preparation h ere, a year from the
publication of the decree in London being allowed for
that purpose ; and a translation of the relative Act of
the Mexican Congress has been circulated this morning.
It may be useful to recapitulate some of the leading
features. The overdue interest of the foreign debt of
;Mexico is to be added to the principal, by the creation
of a " National Consolidated Fund," of which the Five
per Ceot. Stock is to be taken at par, and the Six per
Cent. at the rate of 11.21 per Cent., which would
together amount, by that arrangement, to 9,247,378/.
This is to be divided into two portions, and one
half, or 4.623,6891. to be Active, and bearing an
interest of Five per Cent., and the other half Deferred
The latter to be receivable for the purchase of lands in
the provinces of Mexico at the rate of ss. per acre. Ar-
rangements have also have been made, by which a portion
of the revenues of the Customs is to be entirely appro-
priated to the payment of the interest upon the new
ictive Bonds ; and, in the event of this not being pro-
perly' attended to, it is provided that the coupons shall
be received as cash for the payment of duties, to the
extent of one-sixth part, payable as above. It will be
seen from the returns of the Customs of Mexico, that
they average from eight to ten millions of dollars annu-
ally, and the interest on the first portion of the conso-
lidated debt will be about 1,000,000 dollars. Should
the Government of Mexico fail to remit the interest
which will fall due on the consolidated debt to the bond-
holders in this country, they can send out their scrip, and
in that way secure to themselves the benefit of the new
arrangement. The converted Stock will be, besides.
saleable in the market, and considering the time which
bas elapsed since the bondholders have received interest,
any proposition likely to give any specific value to these
bonds is important, and we hope the above arrangement
may produce that result.

HERALD.—There has been something like a feeling
of dissatisfaction amongst a portion of the mercantile and
monetary interests, that more explicit information has not
been made public respecting the progress of the arrange-
ment between the holders of the post-notes of the
United States Bank and Mr. Jaudoc, their agent. It
is, however, fully understood that the principle upon
which this arrangement is to be effected is simply the
tran4er of the Pennsylvanian Stock, about 4,000,000
cf dollars, now held by the United States Bank, to the
bondholders in Europe on the terms we have already
t t, ted.

The arrangements will produce a temporary calm in
the Money Market, but as the holders of this Pennsyl-
vaLian Stack can constantly sell it, in the end the tran-
saction will simply turn out to be a barter of the obli-
gations of the United States Bank, in exchange for
those of the state of Pennsylvania. This arrangement
is palpably no actual payment, it is merely a postpone-
ment, and much depends upon the next arrivals whe-
ther it will work well or the contrary.
jj•-ssrs. Lizardi and Co., the agents of the Mexican
Cloven; (Went, have circulated to•day a translation of the
Acts of khe I‘Lxiecn Congress, relating to the foreign
debt of that: Republic from the commencement of 1837
to 1839. The- second and third articles chiefly refer
to the interests if the holders of that Stock. We.
therefore :ul)join thetn in their original terms ;

" Art. 2. The holders of the bonds now in circulation
of the foreign debt, proceeding from the two loans
effected in London at five and six per cent. interest,
shall have the power to convert the same bonds, as well
as the coupons thereof not paid and due, into the bond-
of the new consolidate I fund, under the following con
dttions .---lst. The bonds bearing five per cent. interest
shall be received at par. 2d. Those bearing- six pet
cent. interest shall be received at the rate of 110} for
100. 3d. Coupons for interest due on both loans shal,
Be taken at par. 4th. For the bonds offered far con-
ion there shall be given in payment one-half of di,
aunt in the bonds of the consolidated fund, bearing
\filii., per cent. interest, and the other half in land-war-
/39Iteott the vacant lands in the departments of Texas,
'‘Ceelluahua, New Mexico, Sonora, and California, at
ithelate of four acres far each pound sterling, and these
#: "Irlitrants shall in like mha.nhnerh, bear five per cent.
? Wong 13P to the day o
possession of
laterest shall beholders are put. in
the lands,nanwd which
stoedoing the accruing
thereby acquired credited,
au and the quantity of lands
how ,ever, under the cogvanednitted in proportion ; always,
themselves to take possession that they shall present
on in the manner expressed
in article 5 of this decree.
" Art. 3. Interest on the national. conolidated fund
shall be payable in London, halt
April and Ist of October in each year,
reoofmlnBe3n7c.ingUfrloitmil
the let of October of the present yea
proper measures can be taken for the periodical trtvai-
mission of the funds for this purpose, the holders of '
pons which may become due shall have the rightcou-
dea o
to
i ,present them to the agents of the republic in Lon
the day en which they become due, and to demand of
eiem a certificate, also countersigned by the Mexican
Minister at the said Court, and said certificate shall be
leceived as cash in payment of duties, to the extent of
one-sixth part, for all duties accruing in the maritime
Custom House of Vera Cruz or Santa Ana de Tamau-
lipas. The agents of the republic in London shall be
bound to issue such certificate when thereto required
by the holders of coupons, yvhich
.may Aot have been
paid when due. Each pound sterug of the amont of
oaid coupons shall be estimated at the rate of five dol.
fats, and the amount of each certificate shall be sup
meneed to the extent of six per Gent. in full compensa-
t;sn firc all difference of exchange, and all expenses one
r'pellsea6, of which those interested shall pay ,on reemiv-
' Ink* n:.ificate to said agents, who shall account for
on pa,-t thereof to the Mexican Minister-Plena-
, Potteililitt'.

*nder of these Acts of the Mexican Con-

,:,~~

POST.—The affair of the United States Bank agency,
to which wealluded yesterday, may now be considered vir-
tually concluded. The advance proposed to be made
to Mr. Jaudon by different capitalists, will, we under-
stand, be at the price already named, say 94 per cent.,
but on a plan somewhat different from that which we
mentioned yesterday. The bonds of the United States
Bank, for three years or upwards, as may be determined
upon, are to be given, the redemption of which, and the
payment of interest at six per cent. per annum upon
them, will be guaranteed by the deposit of Pennsylvania
State Stock in the hands of trustees. The double se-
curity of the Bank itself and the State of Pennsylvania
is so ample that, but for the peculiar position of the
Money Market, there would, and could, have been no
hesitation in acceding to the terms of the agent in the
first instance. There can be no doubt, however, from
what has transpired that important concessions have
been made to the monied interests during the nego-
tiations.

Much astonishment has been expressed by men of
business of all classes at a circular which has just made
its appearance, on the subject of the vacant agency of
the Brazilian Government. We mentioned some time
ago that the trust was about to be transferred from the
house of Samuel and Phillips to the Imperial Brazilian
Mining Association, and such was the intention ; but
it appears that the Association are not empowered by
their deed of settlement to undertake it. The novel
scheme, and a most inexplicable one it is, of getting
over the difficulty by the establishment of an " Agency
Company" has therefore been suggested. It is pro-
posed to raise a capital of 300,000/. for the use of the
Brazilians ; but every one asks, as well he may, for
what purpose ? We have been satisfied for some time
past that the Imperial Government was failing in its
Exchequer. Nothing could more clearly show this
than the difficulty manifested in the remittance of funds
for the payment of a paltry half year's dividend on the
debt, and the measure that was consequently had re-
course to of raising a trifling loan for the purpose. The
present expedient we regard as anether approach to-
wards the catastrophe that may before long be expected,
wit' we should consider ourselves wanting in our duty to
the public not to caution them against having anything to
, do with it. A patchwork business of this description can
r.ever come to a satisfactory issue. The idea of paying
up instalments on the shares at the rate of from ten to
fourteen pounds per share per month in the existing
state of the Money .Market is perfectly ridiculous. The
scheme has, it is true, the advantage of great names
connected with it ; but so have the Portuguese, the
Spanish Treasury, and other bubbles, and no sort of
importance is to be attached to these. If the Brazilian
Government be in the embarrassed condition we suppose
them to be, let them acknowledge the fact, and come
to an arrangement with their creditors before they enter
into any fresh obligations.
We were assailed on a former occasion by the late
respectable agents, Messrs. Samuel and Phillips, in con-
sequence of the freedom of our observations on Bra-
zilian affairs, but the retirement of those gentlemen is
significant, and, to be candid, we confess that in the
course they have taken we think they have acted with
commendable prudence.