The Sun.
London, England, 1839-01-21 00:00:00

MONEY AND CITY NEWS.

(FROM THE MORNING PAPERS OF THIS DAY.)
TIMES.—The Funds were heavy all day, and Consols de-
clined to 921 to # for Money, and for Account 921 to -I. Bank
Stock was 2021 to 3i; India Stock, 256 fr to 71 ; Exchequer
Bills, 68s. to 70s. ; India Bonds, 645. to 665. premium.
There was a general depression in the Foreign market.
Portuguese Five per Cents. receded to 35:1 to 1, the Three
per Cents 224 to 4 ; Spanish Active, with the May coupons,
to 18 to ; Brazilian 771 to 8 ; Mexican, 24 to ; Colom-
bian, 284 to 1 ; Dutch Two-and-a-Half per Cents, 541 to #,
"the Five per Cents, 102 i to ; Belgian 99 to ; Danish,
75.4 to 6.
The late suspension of the Bank of Belgium at Brussels,
leading to a certain panic in the Paris Money-market, caused,
as is known, a run upon the new Joint Stock Bank Laffitte,
whose operations have been under this head brought to
public notice on various occasions. This event gave rise
to a good deal of anxiety, as was natural, not only among
those directly connected with the establishment as Share
holders, or concerned as Note-holders, but also among
the monied and trading community at large, by whom
the progress of the undertaking for extending the joint-stock
and paper money system in France was watched with great
interest. The reported advance of 11,000,000 francs by the
Bank of France to enable the Laffitte Bank the more
promptly to meet any probable emergency, served little, per-
haps, in reality, to improve its credit or increase confidence
in its stability. If faith may be placed in certain arti-
cles, evidently proceedince from the manacrement of the Bank,
the story of the by the Bank of France would appear
to be without foundaelon, for it is stated that the solid position
of the affairs of the Bank in point of funds proved the false-
hood of the rumours which were current in that respect. It
emits probable, however, that after all there may be something
cf evasion in this denial, and that, as the sums actually obtained
from the Bank of France were against the deposit of bills or
other securities of corresponding value, it may be pretended
that the advance was nothing more than so much discount in
the usual course of blnking affairs. Here, under the same
circumstances, it would however be looked upon in the shape
of an advance to meet an catraordinary case of difficulty.
Although an exposition of the concerns of the bank had been
so recently made to the general assembly of prcprictors, yet
with a view to dissipate the uneasiness which might be felt on
account of the rumours current to its prejudice, an extra state-
ment of its situation to the end of the last year has recently
been publish, d, from which the following results may be
,a3athered. The general morerucnt of its business, that is of its
-stiseeunta, deposits, and issues for the month of December,
had risen to
_88,500,000f., or 11,000,000 f. more than for
the month preceding; but this excess, it is confessed, arose
chiefly from the extensile reimbursements of its own notes
bt4)ught in for payment. The bills or other values
carlied to account amounted to 33,458,000 f. exceeding
by 4,500,0001. the corresponding account of the month
before. The increase was referable to the banking ope-
rations carried on through correspondents with the pro-
vinces. The discounts had diminished by about 650,0001.,
instead of exhibiting the increase of several millions,
which it is assumed might have been naturally looked for from
the usually greater demand for money at the close of the year.
The billets or note circulation, which on the 30th of November
exceeded 19,000,0001., had undergone a reduction of about
b,00U,000f., which almost entirely fell upon the notes payable
at three day' sight, that is upon the shortest dated of that de-
scription-of paper. As among the poorer classes of traders
or retail dealers this would- be the class of paper in most ex-
tensive use, wherever paper money had got into credit at all,
the fact serves to show how readily the mess of people in
Fiance are disposed to take alarm, and with what distrust at
bottom they aee inclined still to regard paper money. Upon
the note circulation at longer dates, doubtless in larger sums,
and therefore held by more substantial people, there was an
increase of issue to the extent of about 300 000 f. The number
of current accounts opened was 113 above the total of
November.

From the summary thus given it will be seen that even
so. early as December, and so immediately following the
derangements of the Bank of Belgium, the operations of the
Bank Laffitte received no inconsiderable check. The Amount
of this not to be measured only by the actual and compa-
rative diminution of circulation and discounts in reference
to those of the month previous, but it must be taken into
the account that the Bank was in a full career before, and
showing upon its books a large monthly and successive in-
crease cf circulation, discounts, and general business. At
the date to which the December account was made up, the
effects of the discouragement in the Money-market were
confined al.nost entirely to Paris, where experienced first, and
were still too recent to have extended to, or been felt
in, the departments. In order fairly to be able to appre-
ciate the extent of their action on the progress of the
Bank, it will be necessary to wait for the balance-sheets of
the present, and perhaps those of the next, month. It is
statei indeed, that tir. panic, which is characterised as the re-
sult of false reports and malevolent insinuations, had not
lasted mere than one week, and that already confidence was
so far restored, that the amounts of deposits had become, as
before, superior to that of the sums paid out. This may be
true of Paris, but for the departments, where the evil was
perhaps only beginning to be experienced, the result Set re-
mains to be ascertained.

The position of the bank upon the face of the account ren-
dered was certainly not unfavourable. The liabilities con-
sisted of billets, or note-4, from three to thirty days' sight,
to the amount of 18,000,0001., of which only 11,000,000 f.,
in notes, at three days' sight, might be considered as im-
mediately payable. The liabilities on accounts current were
never, it is said, but of very insignificant import. To
meet these engagements, the bank possessed, in bills and
cash, not only the equivalent amount of values received in
exchange for the notes, but its own untouched capital of
13,000,000 f., besides the profits realised since its establish-
ment. Its disposable active assets consisted of 30,000,000 f. of
good commercial bills or securities, and of 5,000,000 f. in
specie, on hand, or at the Bank of France. In addition to
these means, the Bank possessed a powerful guarantee fund
of 40,000,000 f. still unpaid up of the original capital, but
which, in case of need, might, it was assumed, be called for,
and would be forthcoming from the shareholders, and this
amount was exclusive of the portion of capital before stated
as being already paid up.
With respect to the Bank of Belgium; it has been ex-
plained, on authority which can leave little doubt of the fact,
that the Bank Laffitte had no further connection with it than
transactions of no special importance in the ordinary routine
of banking business ; and that, so far from being liable to con-
siderable loss through uncovered accounts, the Bank Laffitte was
actually debtor upon balance for an inconsiderable sum to
the Belgian Bank.

POST.—The Funds were not so well quoted in the Eng-
lish Market to-day by about per cent., while, in the foreign
house, they were rather materially lower. The debate in the
French Chamber of Deputias on Thursday, in the course of
which M. Thiers adverted to the alliance between France and
England as being less strict than was the case sometime ago—
a circumstance that the Minister, M. Mole, was not altogether
able to deny—has probably had an unfavourable influence on
prices. The advices received by the Flanders mail are, how-
ever, alone sufficient to account for some little uneasiness
among the stockholders. The Antwerp papers have at length
assumed so extremely gloomy a tone, with reference to the
military preparations which are going on in different parts of
Belgium and Holland, that war would seem quite inevitable at
that place, and the consequences of such a state of things to
the commerce of the country are anticipated, and dwelt upon
with as much earnestness as if hostilities had actually corn-
menced.

The markets have, no doubt, been further affected by the
clamour which has been raised in many parts of the country
respecting the Corn-laws, as any alteration of the nature pro-
posed in them cannot, if carried, but have a most important
bearing on the value of funded property.

---
HERALD.—The approaching session of Parliament is
the constant theme of conversation amongst the commercial
and monetary aristocracies. The meeting of Parliament has
always been one of interest to Englishmen, but it is long since
we noticed so much anxiety respecting the results of the ses-
sion to which we are daily and hourly so rapidly approximating.
Setting aside even the Canada question, it is admitted on all
bands that the question of the Corn-laws is as vitally import-
ant to the welfare of every branch of this great mixed commu-
nity as doubtless ite Cabinet feel it is to themselves per
sonally. We *nave reason to believe that, under the patronage
of Dariel O'Connell and our overgrown manufacturers, a
pi ..g abrogation of the present Corn-law is contemplated.
But, if that fails, one strongly modified will be attempted to
be crammed, if possible, down Britain's legislative throat.
Should Ministers succeed in their nefarious project, as de-
vised by their prompters and supporters, of which we have
learnt some faint outline, though we can hardly bring our-
selves
to believe that any British Minister, for the sake of
place or false popularity, 7,0u1d dare to make the attempt, it
mill create one of th greatest revulsions in the commercial
and agricaltar..l interests of the country, as well as private
propert: and engagements, that has occurred during the past
age, It is not denied that the present Corn-laws require re-
vision, any more than that the present high price of bread
corn is more the result of the great speculations which have
been carried on by the factors than a real scarcity. But
there is a difference between revision and the intended abro-
garien ; therefore those who wish well to the commercial and
agricultural interests should be up, and be stirring, to obtain
frona the justice of Parliament a fixed import duty in lieu of
the present fluctuating scale, which in the time of reckless
speculation has proved to be no protection .
.either to the British
corn-grower or the consumer, who earns his living by the sweat
of bi.s brow.
There has been rather more business in the Share Market
/0-day, of which the principal portion has been in the shares
of the joint-stock banks, which is a portion of the dealings in
shares that is daily assuming a more important and signifi-
cant feature. British North American Bank Shares are 11
prem.; Colonial Bank are 44 prem. ex. div. ; London and
Westminster are 4 prem. ; London and Joint-stock Bank
are 3+ a 1. prem. ; Provincial Bank of Ireland are IS prem.,
and the Union Bank of Australia are 43- prem. ; the Worth-
ing Tontine has advanced to 15s. prem. In Railway Shares
the principal quotations have been Great Western at 12k
prem. ; Brighton, 3+ a 3 dia. ; and Blackwell are 1 a 4. dis• ;
Birmingham are 78 a 80 prem. ; and the Quarter ditto 231-
prem. ; Seuthampton New Shares are 19 prem.; Croydon
are 61 a I
dis. ; and the New Scrip prem.

On Saturday night the house of M. Gill, Frede-
rick-place, Hampstead-road. was entered by means of ske-
leton keys, and property to a considerable amount, con-
sisting principally of wearing apparel stolen therefrotr. On
Sunday morning a similar robbery was committed in the
house of Mr. Ruffey, Dorset-terrace, Clapham-road.