The Sun.
London, England, 1839-10-02 00:00:00

EVVININ EDITION'

MONEY MARKET and CITY NE WS

(TUESDAY EVENING.)
TIMES.—The opinion gains ground rapidly in the
City that we are on the eve of an issue of 1/. and 2/.
notes by the Bank, accompanied, probably, by an Order
in Council for a restriction of cash payments. So
clearly is the necessity seen of. one or bath of these
measures, that most people here are beginning to
consider them inevitable? and direct their thoughts
chiefly to the consequences which may attend them.
Not only in London, but all over the kingdom, as
letters received this morning from the most distant cor-
ners of it will attest, the same feeling prevails. Bankers,
and merchants, and manufacturers, all advert to it, and
either offer opinions or seek advice and guidance from
their correspondents in London on the subject. Some
say that the Order in Council for this purpose is already
in possession of the Bank ; others, that it only
awaits
their call to be forthcoming ; while the Directors them-
selves allow hints to go forth to the public, preparatory,
if they have any meaning at all, for such a state of things.
It is useless, therefore, and would be injurious to the
public, to treat this matter with any further delicacy or
forbearance.

Opinions are much divided in the city as to the re-
sults which m'ght follow, at this time, a suspension of
cash payments. All look to it, however, it need hardly
be said, as an evil of the most serious nature. The case
would be a very different one from that of 1797, as
there is no war to justify it, no pressure from the Go-
vernment to force it on, indentifying, in fact, the Govern-
ment with the Bank. It would be evidence. therefore,
unanswerable of the mismanagement of our monetary
affairs, and would destroy our credit with foreign coun-
tries. In considering the possible effect at home, some
mixture of hope prevails, as many imagine that trade
would then be supported by almost unlimited issues;
but this is properly doubted by others, as the Bank
could have no chance of righting itself in public opinion,
unless by making continued exertions for a return to
cash payments, and must continue, therefore, its con-
tracting measures. One consequence may be safely
predicted, which is, that the occurrence of such an event
would produce a call from the whole country for an im-
mediate reform in the administration of the Bank, tine
probably for an abrogation of its charter.
By the advices from Hamburg, the price of gold is
432 per mark, which at the English Mint price of
81. 17s. 101 d. the ounce for standard gold, gives an
exchange of 13.91, and the exchange at Hamburg on
London at short being 13.41, it follows that gold is 1.88
per cent dearer at Hatnburgh than in London.
The premium on gold at Paris is 8f per mille, which,
at the English Mint price of 3/. 17s. 10t}d, the ounce for
standard gold, gives an exchange of 25. 361, and the
exchange at Paris on London at short being 25.30, it
follows that gold is 0.26 per cent. dearer at Paris than
in London.
The course of exchange at New York on London
is 1081 per cent., and the par of exchange between
England and America being 109 23-40 per cent., it
follows that the exchange is 1.07 per cent. against
England.
Tile following notice was made public at the Stock
Exchange to-day, relating to the Mexican Loan con-
version, founded on advices and decrees received by the
Mexican Minister from his Government to-day by the
Hope packet from Vera Cruz, with dates thence of the
3d, and from the city of Mexico of the Ist of August
" TO THE COMMITTEE OF THE STOCK-EXCHANGE.
" 26, Austinfriars, Oct. 1, 1839.
" Gentlemen,—We beg to communicate to you, for the
information of the holders of Mexican Bonds, and the
public generally, that we have received by the packet
Elope, a despatch from the Minister of Finance, dated
Mexico, July 29, 1839, enclosing an Act of Congress con-
firming the agreement made by the Minister of the Re-
public with the bondholders in September, 1837, without
alteration ; and also the decree of his Excellency the Pre-
sident of the Republic, dated July 29, 1839, containing the,
instructions necessary for concluding the conversion, and
for issuing the certificates payable at tho Custom-houses of
Vera Cruz and Tampico in exchange for the coupons due
on the new Mexican consolidated fund. The documents
will be published as soon as translated, and meanwhile we
lose no time in thus making knewn their general tenor
for the satisfaction of those interested.
" We have the honour, &c.,
" F. DE LIZARDI and CO."
The late rise in Mexican Bonds was owing to intel-
ligence to the same effect having been previously re-
ceived, though not the official documents, by private
letters through New York.
By the usual official return published by the Customs,
the exportation of the precious metals from the port of
London to foreign and colonial ports, for the week end-
ing the 26th of September, is as under Coin
to Hamburg, 4,450 ounces.
Some efforts have recently been made, it appears.
to establish a treaty of commerce with the republic
of Hayti, through the British Consul-General there.
The attempts, however, it would seem, had failed,
principally, as stated, through the nature of the " re-
lotions and responsibilities" contracted with the
French Government at the time of the late hostile
demonstrations of a French squadron, which ended in
an amicable arrangement. From this it may be
gathered that particular stipulations in favour of
French commerce were entered into, to the exclusion,
and therefore the damage, of British interests. The
more special grievance which led to the threatened
hostilities on the part of France was the cessation of
the payment of interest on the Haytian Loan Deg'
dated at Paris. It will be recollected that one of the
causes most ostentatiously alleged against Mexico' and
which ended in open war, the capture of all her trad-
ing craft, the bombardment of Ulloa, and the sack of
Vera Cruz, was the neglect of repayment of certain
loans subscribed to by French citizens resident there
in common with all other foreigners. So that it ap-
pears to be part of the system of France to make
money claims a foundation for exacting commercial pri-
vileges, as a commercial treaty was bargained for w.all
Mexico as the price of peace, by which French com-
merce was to be placed on the footing of the roost fa-
voured nation. With Hayti more has bee'a accom-
plished, for the republic is debarred'from according equal
privileges to any other nation with those secured by
France. Exclusive of France, so far as the fact can
be understood, the Hayden Government offered to
place British commerce on the same footing as that of
every other the most favoured, which appears to have
been declined. Were the same policy pursued by this
country in respect of all States having contracted loans
and other money engagements here, the conditions of
which have not been fulfilled, and the interest as well
as the principal of which remain, and long have re-
mained, unpaid, the interests of French commerce would
be but indifferently served in the whole of the Spanish
American States, as well as in Spain and Portugal.
The Haytian Government, it is said, have in turn
sent here a " counter project " of treaty, in whiob,
singularly enough, " safeguards " are specially intro-
duced " against too general, too unrestricted, and in-
discriminate an intercourse with our colonies." A strong
repugnance is, it is added, exhibited against the " po-
litical spirit " prevailing in the colonies in the neigh-
bourhood. This may probably be attributed to the
fact that peculiar privileges are reserved to Haytian
traders over foreigners in the Customs' laws and com-
merce of the island, which, from the unreserved admis-
sion of the coloured inhabitants of the West India
islands, would be rendered inoperative so far as the na-
tive-born Haytians, by a clause of the Constitution
under which the definition of a Haytia,o so entitled is
described, and therefore enacted, as " every African,
Indian, and those who are the issue of their blood,born
in the surrounding colonies, or in foreign countries, who
shall reside within the republic, shall be recognised as
Hoydens." The GovernmeT,t, it would seem, is not at
all desirous of importing
any more turbulent spirits
among the newly enfranehised negroes, now in the unre-
strained enjoyment of British freedom.

CHRONICLE.-1 here was a good deal of busineai
ransacted to-day in the English Stock market, but the
quotations are without change.
Birmingham Railway Shares were 49 to 51 prem. ;
ditto, new, 16 to 17 prem. ; South Western, &Pi to 39i ;
Great Western, 5 to 4 dis. ; Leeds and Manchester,
to 9 prem. ; Manchester and Birmingham, 11 to 10
dis. ; Birmingham and Derby, 14 to 12 dis. ; Brighton,
13i to dis. ; Blackwell, IQto 4 dio. ; Greenwich, 13}
to 14 per share ; Gosport Junetexi, 4. to pron. ; and
Croydon 9f to per share.
The rates of exchange this afternoon have shown a
tendency to advance, and are in many cases higher, al"
though the alteration is not very material. Paris (short)
was 25 321 to 25 371 ; ditto (three months), 25 60 to
25 65 ; Hamburg, 13 104 to 13 101 ; Amsterdam(short)
12 01 to 12 11 ; ditto (three months), 12 al to 12 4 ;•
Rotterdam, 12 31 to 12 41 ; Antwerp, 12 31 to 12 ; Frankfort, 150 i to 150 i ; Marseilles, 25 60 ; Ger4°B'
25 671 to 23 70 ; Vienna, 10 31 to 10 41 ; Trieste,
10 5 to 10 6 ; Lghorn, 30 20 to 30 221 ;
Naples,
401 to 40a ; Palermo, 121 ; Messina, 121 to 1214 ;
Madrid, 37 to 374 ; Cadiz, 374; Lisbon, 54 to 544
and Oporto, 53i to 54. The
price of gold in bars had
risen to 31. 18s. per ounce standard ;
silver ditto, was
5s Old. ; and dollars, 4s. 10 d. per oz.
The exportation of the precious metals from the port
of last, mi-
London, for the week ending on Saturday
sisted, according to the official returns, of 2,000 ouncr.l3_
of gold coin shipped to Petersburg; 8,320 ounce?, of
silver coin to Hamburg ; and 3,526 ounces ofge,ld bars,
of which 96 were sent to Petersburg, and the re-
mainder to Hamburgh.

DUNDEE IN THE FIELD.—We are gratified to
perceive that the merchants and manufacturers of the
not unimportant town of Dundee, have taken the field
against the cruel, impolitic, and tyrannical Corn-priva-
tion laws.

CONVERT TO TIIE ROMAN CATHOLIC FAITH.
_We understand that a daughter of Sir T. Lethbridge.
13art., has recently become a Roman Catholic. It 15
further said that she was driven from home in conse-
quence of her conversion, and that, her uncle having
also refused to receive her, unless she abandoned her
new faith, she has sought employment and obtained it
from Lord Stourton, a Roman Catholic Peer, as go-
verness to his children.—Lancaster Guardian.