The Sun.
London, England, 1839-02-07 00:00:00

MONEY AND CITY NEWS.

(FRO➢i THE MORNING PAPERS OF TII/S DAY.)
HE RA L D.—The commercial adviees from Rio de Ja-
neiro do not add anything to the accounts which have ap-
peared. It was, however, generally believed that the new
credit of 3,780 contos would not be issued in London, but
at Rio.
That portion of her Majesty's Address to the House of
Commons which recommended them to afford extra sup-
plies for the public service has been interpreted into the
belief that Government cannot do without a loan, though
well-informed parties feel assured that the Chancellor of
the Exchequer will first attempt to raise the additional
ways and means by an issue of Exchequer Bills. Be that,
however,: as it may, the prospect of an increased expendi-
ture has caused the Consols and other British Securities
to recede from the quotations of yesterday. Consols left
off this evening at 92k for Money and Account. The
Three-and-a- Half per Cent. Reduced Annuities are 1001,
and the New Three-and-a-Half per Cents., 99i aI. Bank
Stock is 2021 a 203 Money. India Stock is 253 a 254
for M,,ney, and 2531 for Account. The premium upon
Exchequer, Bills has also partaken of the influence to which
we have referred, having receded to 64 0 66, whilst India
Bonds have declined to 61 a 63.
'l'he Fureign Market has been rather buoyant to-day,
particularly in those mighty absorbents of British capital,
the Peniesular and South American Bonds. Spanish Ac-
tive Bondi have advanced to 181 a 19. Passive are 4a,
and Deferred 8 al. Portuguese Old Five per Cents
are 72; the New Five per Cent. ditto have advanced to
37 a+, and the Three per Cent. ditto, 231. Brazilian
Bonds are 791; Colombian, 291; and Mexican Six per
Cents. 231. French Three per Cent. Rentes are 78f. 25c.,
with the exchange at 25f. 40c. Belgian Bonds arc 981 a
; Datch Two-and-a- Half per Cents. 541 a ; and the
Old Five per Cents. 1024.
R4ila-ay Shares there have been some considerable
dealings Great Western we 121 prem., Brighton, 31
dis. Birmingham arc in more favour, and are 81 aB2
prem., whilst the Quarter Shares are 25 prem. South-
ampton average are 51 to prem.
Anglo- Mexican Mint are 1 prem. British North Ame-
rican Bank 2 pm. ; and London Joint-Stock Bank 31, p.m.

PO 3T.—The English Securities have fallen from to
per cent. to-day. The Market seems to have been in-
uenced by last night's proceedings in Parliament, more
particularly with reference to the Canada questibn, and
the possibility which it involves of a misunderstanding be-
tween this country and the United States. The allusion
made by the leading Members to our domestic affairs is
understood to be viewed in by no means a favourable
light. Consols
.left off at 92 to 92h- for Money and for
Account ; Three per Cent. Reduced Stock 92i to 93i ;
the New Three-and-a-Half per Cents. at 1004 to 1001;
Exchequer Bills, 645. to 665. prem. ; India Bonds at 61s.
to 633. prem. ; Bank Stock, 2021 to 203 ; and India
Stock at 253 to 254.

The intelligence received from Portugal this afternoon,
by the Iberia steamer, was again of a gloomy complexion.
There was once more a lamentable deficiency in the last
month's receipts at the Custom-houses, as compared with
the previous returns, while the sante system of anarchy
and bloodshed continued to be permitted in the provinces.
It is said, however, that the Government at Lisbon
were meditating an early resumption of the payment of
the dividends ; and this has been greedily laid hold
of by our speculators as a pretext for renewed gambling
operations in the Bonds. The Five per Cents. have ad-
vanced in consequence to 37 371, and the Threes to 223-
to The bargains are confined to a very narrow circle,
and as the public will most likely come at once to market
with their stock, in order to secure the benefit of this im-
provement, we may take it for granted that it is not one:of
a very permanent nature. The real state of affairs appears
to be this :—A rich Nobleman at Lisbon has, it is reported,
been induced, upon the representation of the Government,
to guarantee the foreign creditors the payment of their
dividends for one single half-year, on the tobacco duties
being hypothecated to him for a certain period. But the
Senate could not yet proceed with the business of the
country, owing to the non-attendance of Members in suf
ficient numbers to make a house. The arrangement with
the Nobleman in question, if, indeed, any arrangement has
been entered into, may, therefore, be set aside in a moment.
We have, however, so often heard of these eternal tobacco
duties, that the whole matter may, wo think, be regarded
as the merest farce.

We find that the agents of the Christino Government
arc actively circulating proposals in the City for a transfer
of the national property in Spain to the bondholders, on
the deposit of stock. The agents seem to be apprehensive
that English capitalists cannot be sufficiently alive to the ad-
vantages held out to them by the acts and decrees of the
Cortes in February and March, 1836, as they would other-
wise show greater impatience, it is conceived, to possess
themselves of as large an amount of the bonds as they could
possibly scrape together the money to pay for. The
estates offered for sale are declared to " consist of the best
house property in the various cities of Spain, and of ti,e
most fertile lands adjacent to these cities, which are almost
entirely in the occupation of responsible tenantry." The
terms on which sales are authorised arc—that one-fifth of
the amount of the purchase in stock be deposited, on
which the Government grants to the purchsscr an ample
title to the property, with power to enter at once into
possession, and to receive the full rental without any de-
duction whatever, but remaining liable to the Govern-
ment for the additional instalments, which must be made
as follow, viz. :

1-10th in Passive Stock at half-nominal amount in the 2d year,
I-10th in Active do. at full nominal amount in the 3d year.
I.loth in do. do. do. do. do. „ 4th do.
1-10th in do. do. do. do. do. „ sth do.
1-10th in do. do. do. do. do. „ 6th do.
I.loth in do. do. do. do. do. „ 7th do.
I.loth in do. do. do. do. eo. „ Bth do.
1-10th in do. do. do. do. do. 9th do.

These instalments may, it appears, be made in
Spanish Stock, either of the foreign or dooestic loan;,
and, as Active Stock can now be purchased under 20
per cent., it is pretended that for the outlay of 201. land,
&c.,. worth 1001. can be purchased. It is added that "in
order to bring the operation of this law within the reac:i
of the Spanish bond-holders, as well as to render it
available to capitalists generally, it has been deemed ad-
visable by the banking-house of Messrs. Henry O'Shea
and Co., of Madrid, to avail themselves of the Govern-
ment permission to act in relation to these sales, in fur-
therance of which they have appointed Mr. E. H.
Browne, of Angel-court, as their agent, for the pur-
pose of affording the necessary information in connection
with this object, as well as to negotiate any transactions
for parties desirous of availing themselves of the advan-
tages thus offered; and, at the same time, they name the
house of Messrs. Lonergan and Co., of London, as parties
to whom they refer, and through whom the bonds and do-
cuments necessary to the completion of purchases may pass.
Messrs. Henry O'Shea and Co. undertake the agency in
Madrid, as well for the purchase and payment of the in-
stalments, as also for the receipt of the annual rentals of
the properties."
We would recommend parties who may be desirous of
settling with their families in Spain, and of participating
in the great advantages held out to them by the paternal
Government of that country, to inquire of Messrs. Loner-
gan and Co., before parting with their money or their
bonds, by what guarantee peaceable possession is to be
secured to them, for this we are very sure is not to be
given for the space of a single hour. An English landlord
would never, we can venture to affirm, be tolerated in any
part of Spain under the present system of Government,
and it is equally certain that his title would not be much
respected in the event of its giving way to Don Carlos, of
which there seems just now to be a greater probability than
ever. As to a native tenantry, there is little chance of
their paying any rent to a foreign landlord without cocr.
cion, and we should think there arc but few persons so
simple as to imagine that they could do themselves any
good by engaging in law proceedings in Spain.
It is not very clearly shown what great object the present
scheme is intended to answer, but we presume there is
more in it than meets the eye.

TIME S.—The opening of Parliament has been attended
with some agitation in the funds, accompanied by a de-
cline in price, which is not yet, however, of any great im-
portance. Considering the great extent of the sales which
have been made to-day, it is surprising that greater effect
has not been produced by them. The speculators, it is
clear from to-day's operationf,, are preparing thus early for
the contingency of a loan, but their expectations as to the
amount of depression they may be able to produce seem
at present to be rather moderate, and they feet that is a
very different thing to act upon Consols now, compared
with ten or fifteen years back, so much greater is the pro-
portion of Government Securities of the first class now
locked up in permanent investments.
By the Lapwing accounts have been received from Rio
Janeiro on the 16th of December. Some disturbances had
broken out at Villa Franca, in the province of St. Paul,
bet they do not appear to be of a serious character. The
exchange was at 281 d. to 29d. ; stock, 76 to ; the cur-
rent rate of interest 8 to 9 per cent.
A decree bad been published which excited a good deal
of dissatisfaction among foreigners, imposing an annual
tax of 60 milries on the cities of Rio, Bahia, and Pernam-
buco, and 30 milries in the chief places of all the other
provinces, upon all commercial establishments having in
their service more than one foreigner as a clerk. It was
considered by the English residents that this impost could
not apply to them, as it was provided by treaty between
Brazil and Great Britain that the subject of both nations
should be at liberty to " exercise any trade, profession, or
calling," without being subjected to any tax not imposed
upon the natives themselves. Clerks would, of course, fall
under one or the other of these designations.

M.
DAGUERRE S AND MR. TALBOT'S DlS-
covennts.—Photogenic is the titular characteristic given by H. F.
Talbot, Esq., F.R.S., to drawings similar to those produced by M.
Daguerre, now attracting considerable attention in Paris, and des-
cribed in our impression of Wednesday last, In an extract from the
Quotidienne. The similarity, however, can only be asserted of the
result of what be termed the secondary process, the submitting rre-
tattle or other plates with a certain coating to the action of the
luminous rays in the camera obscure. The result being the most
perfect permanent delineation of the landscape or other object
projected on the prepared recipient plate. Thus far the pro-
ductions of the " Daguerrotype" and the "photogenic draw-
ings" are identical. But the primary process, the composition
of the coating, or the discovery of a simple substance so susceptible
to the action of lisbt, and the modeof Its use, may be widely diffe.
rent. If this process should be common to both, it will not be a
little singular that again, so soon after the " amaglyptegraph" of
Bates and Collar, should arise another neck and neck race on the
course• of experiment and research (in this car for the plate) be-
tween the scientific of England and France. This contest of Tal-
bot and Daguerre should be the only kind of struggle—la guerre
of the two rival, neighbouring, and neighbourly nations. Mr.
Talbot, we understand, Is preparing his paper to be read before
the Royal Society, detailing his discovery, and its application to the
production of these wonderful tracings of nature, these "photogenic
drawings." One which we have seen, representing by light and
shade the reticulation of an insect's wing, was, indeed, truly won-
derful. Every fibre of its complicate structure appeared to be most
faithfully traced. Mr. Talbot has been engaged for several years
in the scientific pursuit which has now been crowned with success.
—Morning Post. _ _ _

A fine marble statue of the illustrious Goethe,
exeeutel at Milan, by Marchisi, at the expense of Three citizens of
Frankfort, has arrived in that city, which was the great poet's native
place- The titatue Is to ornament the principal room of the public
library,