The Sun.
London, England, 1839-01-30 00:00:00

MONEY AND CITY NEWS.

(FROM THE MOANING PAPERS OP THIS DAY.)
TIMES.—It has transpired that large amounts of stock
have recently been sold on account of the Scotch banks,
chiefly in the 3f per Cents., and the known sagacity of these
parties in all their operations in the funds, has given rise to
some conjecture as to the motives by which they have been in-
fluenced on this occasion. The great firmness of the funds
for some time past, under circumstances calculated to cause
alarm to the stockholder, would imply that they were absorbed
more and more into settlements and other fixed investments,
where the interest of money, and not the available capital,
is the chief consideration, and the prospect therefore would
be a very uncertain one, with such large holders as the
Scotch banks, of repurchasing hereafter at a profit the
stock thus sold, supposing the sales to have been made
upon speculation, and hence the conclusion is, that there
is some motive more immediately concerning themselves
which has led to the operation. This would seem to give
some credibility to a rumour which has been current
for several days past in the City, that Government have
it in contemplation, in the course of the next session, to intro-
duce a law by which the circulation of notes under 51. shall be
prohibited in Scotland and Ireland, as it already is in Eng-
land, of which the northern banks could not fail to have early
intimation, and to prepare themselves for the emergency with
as little delay as possible. It is undoubtedly a great anomaly
in countries so nearly and closely connected, that there should
be a currency so different in its character in use among them,
and those who desire to keep up still a small note circulation
are bound to adduce to the Legislature the most unanswer-
able reasons for retaining such a privilege.
By the advices from Hamburg the price of gold is
436 per mark, which, at the English Mint price of
31. 17s. 101 d. the ounce for standard gold, gives an
exchange of 13. 101:. ar.d the exchange at Hamburgh
on London at short being 13. 51, it follows that gold
is 2.20 per cent. dearer at Hamburgh than in London.
The premium on gold at Paris is 8 per mille, which, at the
English Mint price of 31 17s. 104 d. the ounce for standard
gold, gives an exchange of 25. 35, and the exchange at Paris
on London at short being 25. 15, it follows that gold is 0.80
per cent. dearer at Paris than in London.
The course of exchange at New York on London is 109}
per cent., and the par of exchange between England and
America, being 109 23-40 per cent., it follows that the ex-
change is .07 per cent. against England.
A favourable turn, though but to a very limited extent, was
observable in all the continewal exchanges this afternoon.
Paris short was quoted 25 25 to 30; Amsterdam, 12 11 to a ;
flamburgh, 13 84 to 4. The enterprise with which the im-
portations of foreign grain have been carried into effect, as
commonly happens in the commercial operations of this
country, has gone too far, and the usual reaction follows.
The extent of the scarcity, too, may have been somewhat
exaggerated.

CHRONICLE.—The brokers and jobbers at the Stock
Exchange having been chiefly occupied to-day in preparations
for the settlement of the foreign account, which takes place on
the 31st instant, and is considered a heavy one, there has been
little done in any of the markets, English or Foreign, other-
wise than as regards the settling, and there is consequently
little change from yesterday's quotations. Consols for money
were last marked at 928 to k, and 924- buyers for the account.
Exchequer Bills, 64 to 66 prem. ; Bank Stock, 202 k to 203;
and India Stock, 254} to 255 k.
Spanish Active Bonds left off a shade higher, being 20
to -I; Deferred, 81 to 9; Passive, 5 to i; Portuguese Five
per Cents„ 35 to k; ditto Three pct. Cents., 22 to 4 ; Dutch
Five per Cents.. 1028 to 8; ditto Two-and-a-half per
Cents., 54i to 55i; Belgian, 981 to 991 ; Mexican, 24 to
; Colombian, 284 to i; Brazilian, 79 to k ; Danish, 76 to k;
and Peruvian 17 to 18.

London and Birmingham Shares were 77 to 79 prem. ;
ditto (new), 23 to 24 prem.;, Southampton, 43 to 44 per
share; Great Weitern, 11 to 12 prem.; Leeds and Man-
chester, 19 to 21 prem.; Manchester and Birmingham,
dis. to par ; Birmingham and Derby, 11 to 10 dis. ; Brighton,
4 to 3i dis.; and Blickwall, 2f to 1 R dis.
American Securities continue firm, but to-day there has
not been much doing in thorn. Alabama Five per Cents.
were 91 ; Indiana Five per Cents., 82 to 83 ; Kentucky Six
per Cents., 96 to 97 ; Illinois Six per Cents., 93; Louisiana
Five per Cents. 96 to 4; ditto Citizens' Bsnk, 96 to ;
Mississippi Five per Cents., 92 to 93 ; New York Five per
Cents., 92} to 93 ; Ohio Six per Cents.. 98 to 99; Ten-
nessee Six per Cents., 96 to 67 ; Virginia Six per Cents., 93
to 1; Pennsylvania Five per Cents., 95 to 96 ; Suuth Caro-
lina Five per Cents., 95 ; and Upper Canada Five per Cents.,
91 ; United States Bank Shares were 24i to 25 ; New Jer-
sey Railway, 99 to 100; American Life and Trust, 82 84 ;
and Farmers' Loan Shares are 11i.
Nothing particular occurred on 'Change today. Bills were
rather more plentiful ; but there was no material alteration in
the rates. On Amsterdam, short, the rate of exchange was
12 Of to 121 ; ditto, three mouths, 12 3; Paris, short, 25 20
to 25 25 ; ditto, three months, 25 471 to 25 50 ; Hamburg,
13 81; Rotterdam, 12 31 ; Trieste, 10 2 to 10 2f ; Leghorn,
301 to 301 ; Marseilles, '25 55 ; Frankfort, 150 ; Cadiz, 371
to 37k; and Madrid, 371 to 37k.
The exportation of the precious metals from the port of
London for the week ending on Saturday last, consisted,
according to the official returns, of 5,137 ounces of silver,
and of 24,250 ounces of gold, with also 7,618 ounces of
gold bars. Of the silver, 4,637 ounces were shipped for
the West Indies, and 500 for Sierra Leone. Of the gold,
1,750 ounces were shipped for Boulogne, 22,250 for Ham-
burg, and 250 for Rotterdam. The whole of the gold bars
to Hamburg.

PO ST.—The Funds have been but little dealt in to-day in
either market. The news from Constantinople was not of a
favourable nature, as regards our relations with the Court of
Persia, and, in the absence of business Consols showed a dis-
position to recede in some degree. The proclamation said to
have been issued by the Shah of Persia to preveat the intro-
auction into that country of British manufactures, in violation
of a treaty entered into for the purpose, will, in the opinion of
commercial men writing from Constantinople, if acted upon,
prove the ruin of many English houses in the trade, and there
seems to be no reason to doubt the accuracy of the information
received upon the subject. It is. indeed, stated in some of the
papers, upon the authority of their Constantinople correspon-
dents, that no proclamation of the nature alluded to •has
been authorized by the Shah, but we have made the requi-
site inquiry into the matter, through well-informed com-
mercial channels, and have certainly found nothing in any pri-
vate letter to make it appear that things are not as bad as
they have been represented to be. The circumstance of the
Governor-General of India having determined to send a mili-
tary force into Cabul, for the purpose of deposing Dost Ma-
homed, the close ally of the Persians, notwithstanding the
raising of the siege of Herat, was alone sufficient to show that
the state of affairs in that direction was not so satisfactory as
could have been desired, and that the good faith of the Shah
was not much depended upon by his Lordship. A confirma-
tion of the sinister reports prevalent at Constantinople was,
nevertheless, considered necessary by the mercantile interest
at that place, and further accounts would evidently be looked
for with the greatest solicitude. Consols left off at 921 to f
for Money, and 92f buyers for the Account. Exchequer Bills
closed at 645. to 665. prem. ; India Bonds at 61s. to 635.
prem. ; and Bank Stock at 202} to 3 ; India Stock declined
to 2541, in consequence of the intelligence from Constantinople.