The Sun.
London, England, 1837-10-27 00:00:00

MONEY MARKET.

The attention of the '1'1,6 been repeatedly directed
during the last reiv days to some purchases of stock made
by the broker usually employed by the Bank of Erialatitt,
and we see it, stated to-day, by a l‘lernilg taper, that a
notion is getting abroad that thbn operations have reference
to a plan long meditated by the Government for reducing
the interest oh the Three-and-a-Half per Cent. Annuities
vvbeti prices shall have attained such an TA,i'.,'en as wilt
14.
render the scheme practica Now this, we may venture
to affirm, is altogethce a delusion. The investments al-
luded to have been made, not for account of thA Bah!: of
England, or Government, as intirnatod; le::: for that of the
East India Company, and, if t `A`r information upon the sub-
ject be correct, of which we have no doubt, the whole
amount purchased has not exceeded two hundred thoennd
pounds. The East India Company have n liked
prin-
ciple to regulate the investment 'ef their moneys. The
Bank of England have usually acted as their agents
in these matters and it appears they have done so
in the peesent instance ; and what, we may ask,
can be ttmre proper or more advantageous to the pub-
lic ? The funds of the Company, arising from the sale 'of
tea, silk, indigo, and other articles of merchandise, are,
from time to time, paid into the Bank of England, where
they might, but for some such arrangement, accumulate to
the extent perhaps of two millions, and what would be the
inevitable consequences ? The currency would become
contracted to that amount, greatly to the injury of the
community. And again, in the event of the East India
Directors going into the Stock Market themselves, and in-
vesting the whole in one sum, in Exchequer Bills or other-
wise, how serious would be the inconvenience to be antici-
pated from so sudden and so considerable an expansion ?
The method which has been adopted by the Bank and the
East India Company for the temporary appropriation of
these moneys is in every way free from objection, and we
trust it will be persevered in. It is right in principle and
salutary in practice.—Mortzing Post.
The annexed letter claims, and will receive, the parti-
cular attention of all who are interested in the settlement
of the claims of this country upon the trading community
of the United States t—
" 7, Tokenhouse-yard, Oct. 26, 1837.
" As the statement published in the Times of Wednes-
day morning last was very erroneous, several of our friends
have advised us to furnish a correct one, which we do here-
with, and being unwilling to believe that you would inten-
tionally injure us, or mislead the public, we trust you will
insert this statement in as conspicuous a part of said paper
as you did the former one.

The whole of our liabilities when we suspended pay-
ment amounted to 1,1'20,846/., as reported at the meeting
of our creditors, and it was about the usual amount at the
sonic season of the year. Under 40,0001. was for money in
our hands, and the remainder was for advances made on
merchandise exported from England, China, India, and
elsewhere to the United States, and chiefly from England,
China, and India. No part of it was on our own account,
nor have we owned any merchandise whatever since we
commenced business ; consequently, the bills accepted by us
were for account of others, who owed, and still owe, so far
as they remain unpaid.
" Your correspondent's statement that 2s. Gd. in the
pound would never be paid on our liabilities was erroneous,
for remittances have already come forward to the extent of
near 400,000/., or over Gs. Bd. in the pound on the whole
amount, specially appropriated by the remitters to discharge
their own liabilities, and we know .preparations were mak-
ing in America at our last dates, to provide means for the
early payment of a large additional amount. We consi-
der it important to all parties interested, that our liabilities
should be reduced as much as possible within a reasonable
time, before we pay a dividend, as the amount per cent.
will be increased in proportion to the amount so reduced.
" At the meeting of our creditors on the 12th of June
last we represented that our surplus capital exceeded
425,0001. We have now made up our accounts, which
show a surplus considerably larger, and our late advices
serve to confirm our belief that we should realize sufficient
to pay every one in full, and a very considerable surplus
for ourselves.

" We have the honour to remain, Sir, your obedient servants,
" T. WIGGIN AND CO."
If the conclusions drawn in the latter part of this letter
are correct, there is, of course, an end to all cavilling as to
creditors of all classes and descriptions, who must alike
obtain payment in full. The opinions quoted referred,
however, not to the liabilities, but to the simple contract
debts, to the debts of parties who hold no security, and
who are compelled to wait till all the others arc settled
with. These two descriptions of debt, as every One knows,
are widely different from each other t and it may easily oc-
cur, from the unfavourable manner in which the assets are
realized in America, that while one class is disposed of by
parties who are jointly liable, the other class may be left
with a very small and imperfect provision. Those parties,
for example, who have become security to the Bank
for the advances to the house in question must stand
in the class of simple contract creditors, and their posi-
tion, upon the very showing of the letter above inserted,
must remain an uncertain one until the whole of the affairs
are wound up. With respect to the sanguine expectations
indulged in on that head, it is to be hoped that they are
well founded ; but in that case, though the Bank Directors
have never obtained credit for the soundest judgment in
these matters, how utterly inconceivable it is that they
should have suffered this firm to stop payment ! It must
have been capable of demonstration all through, that they
never could have sustained any loss ; and yet, after ac-
cepting security here in London to 'a large amount for their
preliminary advances, they suddenly held their hands, and
would go no farther. Beyond the amount of one-third
stated to have been reduced of the liabilities, there is left
by that very statement an enormous sum to be provided for,
and so far as this depends upon the raising of funds and the
solvency of debtors in New York, it cannot, on any view
of the question, be held as otherwise than in a very pre-
carious condition.—Tinics.

Our men of business are looking at the project of esta-
blishing an agent from the United States Bank in London,
and other ports of this country, with a jealousy quite equal
to that which is said to have been manifested by the mer-
chants in the United States, and with the more reason,
since the adoption of this new kind of agency will at once
break through, in a great measure, the barriers which now
prevail against over-speculation in foreig❑ schemes and
stocks, by affording facilities for their introduction into this
country, that would not exist without the fostering aid of
the contemplated agency. It would seem, therefore, that
the doctrine of expediency on the part of a foreign mone-
tary establishment, as well as that of the Bank of England
Directors, who, it is to be presumed, are a consenting party
to the new scheme, is now to be applied to the final ar-
rangement of our commercial affairs with the United States,
under almost the same incongruous principles by which our
affairs of State arc now regulated. The experiment will
involve many new and intricate questions, and if established,
unless it is conducted with a strict inviolability to the prin-
ciple of aiding the liquidation of the American debt to this
country, it is apprehended that it will create a very great
deal of mischief ; at the same time it is admitted that the
United States Bank have a great interest in the prompt
winding up of the commercial affairs of the United States,
and that an agency, if strictly confined to the affairs of the
United States Banks, by managing their consignments, will
facilitate their means of meeting their engagements in this
country, although it will deprive some of the large houses
of their commissions.—Morning Herald.

TILE NEW POOR LAW.—The Rev. T. T. Lewis,
Curate of Aymestry, Herefordshire, has printed an abstract
of the expenditure of the Poor-rate of that parish, for the
year ending 25th of March, 1837, and, compared with the
ending 25th of March, 1836, it appears that a reduction
has taken place from 531/..55. 0.1-d. to 390/. 7s, Bid., a sav-
ing of 1401. 17s. 4id. in the first year of the new system.
That this saving has ❑ot been effected by abridging the
comforts or necessaries of the actual poor, the Reverend
Gentleman bears his unquestionable testimony. He re-
marks, " It is for those who are acquainted with the real
condition of the poor to say whether or not any correspond-
ing improvement has taken place among the poor them-
selves. So far as my own experience goes, I believe their
condition is al, eady improved ; and I feel bound in justice
to say, that I have heard much less murmuring amongst
them the last year than in any previous one—From a
Correspondent of the Silurian.
EXTRAORDINARY CASES OF SWINDLING.—
MANCHESTER, WEDNESDAY.—This morning the New
Bailey was crowded to excess at an early hour by persons
anxious to hear the case of extraordinary swindling and
fictitious banks, which the public are already partially ac-
quainted with, from the disclosures which have taken place
both in this town and in Birmingham. The prisoners were
then placed at the bar, Kinnear appearing first, followed by.
Jones, Wood, and Dawes. A number of witnesses were
called, who detailed the circumstances connected with this
extraordinary case, and Mr. Foster, after hearing all the
evidence, with great part of which our readers are already
acquainted, remanded the prisoners until Friday, when the
case will be again gone into.
An Association has been formed in Bucharest for
translating the most celebrated French works, ancient and
modern, into the language of Wallachia. Those of Rous-
seau, De Lamartine, and Victor Hugo, have already been
published. A young lady, the daughter of a Boyard, is
said to be successfully engaged upon the works of Cha-
teaubriand.—French Paper.

Mr. Wellesley Pole used to say that it was impos-
sible to live like a gentleman in England under forty thou-
sand pounds a year !—and Mr. Brummell told a lady, who
asked him how much she ought to allow her son • for dress,
that it might be done for eight hundred pounds, with strict
economy.—Quarterly Review,

TIIE SUN, LONDON, FRIDAYS OCTOBER 27, 1837.

The casks of resin and tar which were on fire were in the
centre. a Very spacious yard, where there were no houses,
and tWe wind blew trotti the quay ; so that the stores and pre-
mises in front were not in much danger, and ttse tear wasbounded by a wide lane, where there were no houses. The
High Sheriffs, Messrs. Jones and Quintin, Major White, a
party of the horse and foot police, and two or three companies
of the "Md.PtiSilietS proiflpfly-oti the spot,: and the exer-
tions of all were beyond praise. The engines played without
intermislivit until nearly three o'clock, when the fire was com-
pletely subdued. it is thought that the accident originated
by the leaking,of a turpTitipe still, but nothing certain as to
that point can be asceriAineu. pfetiffles rem
largelyin-
sured in the National and Hibernian ; but, after all, tiie kiss
of property was not very extensive, as the greater part of the
casks containing this very combustible matter were rolled into
the Arcot berdr;,' the fire rettelPed them.

NATIONAL TRADES' POLITICAL UNION.—The usual weekly
meeting took place last night.

BRUSSELS AND GERMAN PAPERS.

BRUSSELS, OCT. 25.—The average prices of Wheat
and Bye, in the third week of October, were—Wheat,
17f. 12c. ; Rye, 10f. Dc. per hectolitre ; import duty, 37f.
50c., and 21f. 50c. per 1,000 kilogrammes.
The 211onilcur Beige contains a Royal Ordinance, which
announces that his Majesty, desirous of giving a fresh proof
of his regard for the art of music, by rewarding the eminent
talents of M. de Beriot, had, by the advice of the Minister
of the Interior and Foreign Affairs, made him a Knight of
his Civil Order.

CONSTANTINOPLE, OcT. 4.—The Archduke John of
Austria has been received with great honour—the batteries
in the Bosphorus fired a salute on his arrival, and one of
the chief dignitaries of the Porte was sent to compliment
him on his landing,
The Captain Pacha is shortly expected back with his
squadron. He will not be very well received, but in all
probability deprived of his office, because in the execution
of the mission confided to him he has been equally deficient
in zeal and courage. The chief charge against him is, that
he did not sail direct to Tunis, but took a long circuit to
approach Africa, by which he gave the French ships time to
get before him, and to obstruct the entrance of the harbour.
The Bey of Tunis will do well to be on his guard. He
seems inclined to copy Mehemet Ali ; but forgets that he
has neither his talents nor his resources, and that he
may easily be a victim of his attachment to France,
the new expedition against Constantine should not be
speedily executed, or shall again fail. Thus it will be all
over with him, and what the Porte cannot effect from home,
it may in this case accomplish more easily in some other
manner. The way in which tile Bey of Tunis caused his
Caincecan to be strangled on a groundless suspicion of car-
rying on a secret correspondence with the Porte, stigma-
tises him for ever, and a similar fate certainly awaits him if,
on the least check that the French meet with he does not
think of proceeding for his own safety. Mehemet Ali re-
mains quite passive, and seems to think only of increasing
his military force, and of putting it on a commanding foot-
ing. He seems to have returned much discomforted from
his last excursion, and to intend to re-organise his navy.
The Persian Ambassador has at length had an audience of the
Sultan. The accounts which he has received from Teheran
are said not to be of a very agreeable nature. It seems
that there is much agitation in Persia, and that the Schah
is not so firmly seated on his throne as has hitherto been
believed. The State has now thought fit to suspend the
march of his army, and to proceed against Thus to restore
order there. Tapir Pacha bad always a zealous friend in
Perteck Pacha ; having both his last support,he is now fallen
into complete disgrace.

BELGIAN 1. UNDS—Butisims, OCT, 25.
Actual Debt, Vki per Cent.
Itothschild's Loan, 5 per Cent. lOl%
/Matt of Thirty Millions 922
Loan 01 Cif V, IPi39. 4 per Cent lOO
Society of CommeteC, 4i, per Cent 141Y4
Bank of Belgium, Spec Cent 142%
—Brussels Papers, Oct. 25.
: AUSTRIAN FUNDS.—VIENNA, Oar. 17.
Five pet Cents. Metalliques
Four per Cents.
Three per Cents. ..................... 75%
Bank Shares
—Allgemeine Zeitung,
.Oct 2'2.

ST. JAMES'S THEATRE.

A novelty, in every sense of the word, was last night
produced at this Theatre under the title of Natural Ma-
gic. The following is the plot :—Ferdinand Volage (Fo-
rester) a young officer, is sent for by his aunt, the Coun-
tess Helen de Mirancourt (Mrs. Stirling) who designs to
bequeath him her fortune, and give him the hand of her
niece. At first he is averse to matrimony, but afterwards
lie is so much struck with the manners of his old aunt, that
he vows he would marry her if she were but younger. He
communicates this rational idea to a stupid old antoureux
of the Countess named Chamignon (Hollingsworth), and this
humourous wight tells the young man, whom he finds to be
superstitious, that be has a charm which will restore the
aunt to youth. He then brings in the niece (likewise enac-
ted by Mrs. Stirling) and passes her off as the restored
aunt ; Ferdinand is enraptured, and finally undeceived and
made happy. The chief object of the piece was to exhibit
Mrs. Stirling in the characters of an old and young woman.
In the first she overdid her part, and faltered and croaked
to a most unpleasant degree ; in the second she was agree-
ably light and vivacious. Hollingsworth's part was a most
original conception. He remained on the stage nearly
through the whole piece, saying little, but perpetually hob-
bling up and down the stage, and taking snuff.

The Grand Duke Alexander of Russia is not ex-
pected to visit England or France during his approaching
tour of some of the European Courts, to effect which the
Emperor grants to the Heir Apparent leave of absence for
a limited period. The Prince Lievcn will, we believe, not
accompany his illustrious pupil on his tour.
The Duke of Grafton is entertaining a select circle
at Euston Hall, Suffolk ; Lord and Lady Albermarle, Lord
Charles Fitzroy, Colonel and Mrs. George Anson, Lord
John Fitzroy, and Mr. Thornhill, are among the visiters.
Great hospitality prevails at Wynnstay, the seat of
Sir Watkin Williams Wynn, in Denbighshire. The Hon.
Baronet and the Marquis of Westminster gave grand din-
ner parties on alternate days during the Holywell (Flint-
shire) races. Sir Richard and Lady Bulkeley, Hon. E.
M. L. Mostyn, and the Stanley family are among the
visiters.
The preparations in the squares and fashionable
streets at the west end of the town indicate the speedy
arrival of some of the nobility and gentry.
Countess Sehastiani will commence her soirees at
Manchester House soon after the Lord Mayor's fete on the
the 9th of November. The Countess's daughter, the Mar-
chioness de Choiseul, will not come over until the com-
mencement of the fashionable season.
Mr. Knowles has immortalised the popular air of
" Jenny Jones," by mentioning it in his admirable comedy
of The Love Chase, in the scene where Constance banters
Wildrake on his pretended knowledge of music under the
title of " The Widow Jones," which the soi disant amateur
considers to be an Italian, French, or German air.

The Papal Government has done away with its
cholera cordons. That on the Neapolitan frontier alone
cost from 40,000 to 50,000 scudi a month. Of the sixty
galley slaves that had succeeded iu escaping only twelve
remained at large.
The state rooms in Windsor Castle, which were or-
dored to be re-furnished in a magnificent style, by command
of his late Majesty, will be completely renovated, and the
new furniture arranged shortly after the return of the Court
to the Castle.

TIIE LOVE CIIACE.---A library in Leicester-
square lent in one day 16 copies of this beautiful composi-
tion to read.

We are glad to sec that Mr. Bunn has engaged that
most accomplished vocalist, Mrs. E. S,,guin, who will make
her first appearance on Tuesday next in the celebrated
opera of Dun Juan.

The sentiments of the ex-President of the United
States and his successor, Mr. Martin Van Buren, continue
to be echoed and re-echoed by the admirers of the financial
policy of those two personages on this side of the water,
but, happily, not with the same success. Messrs. Jackson
and Van Buren have, it is well known, raised a senseless
clamour against the banking and commercial institutions
of the United States ; and, great as was the previous pros-
perity of the country—the public debt being paid off, and
the accumulation of treasure in the Exchequer so large
that the only question was, bow it could be employed to
the greatest advantage--the consequence has been the
overthrow of almost every banking and mercantile esta-
blishment in the Union. " Perish credit, perish com-
merce," has been the cry of the Jackson and Van Buren
party in the United States ; and when we hear the Bank
of England villified, as it is from day to day, for stepping
forward at a period like that which we have lately wit-
nessed--a period of almost unexampled difficulty and
alarm—and extending its support to the trading classes, we
cannot but be struck at the similarity of feeling—and a
most malignant feeling it is—which prevails in the two
communities. America has suffered more through the
malevolence of the anti-commercial faction in that country
than years of prudent legislation will be able to repair, and
England has also suffered ; but we are of opinion that the
worst has now passed, and that things are beginning at
length to assume at least a brighter appearance on both
sides of the Atlantic. The exchange has fallen in the
American cities to a much more practicable limit, so that
orders, of which there has for many months past been a
total, or all but a total, cessation, will, we dare say, be
forwarded to England for fresh, and, perhaps, considerable,
supplies of manufactured goods, to meet the demand of the
coming spring. Money, as we have already mentioned,
was also to be obtained at New York, and the other
leading commercial cities of the United States, at a rate of
interest less onerous to the borrower.