The Sun.
London, England, 1839-01-23 00:00:00

MONEY AND CITY NEWS.

(FROM THE MORNING PAPERS OF THIS DAY.)
TIMES.-By the advices from Hamburg the price of gold
is 438 per mark, which, at the English Mint price of 31. 17s.
101 d. the ounce for standard gold, gives an exchange of
13. 1 and the exchange at Hamburg on London at short
being 13. si, it follows that gold is 2. 78 per cent. dearer at
Hamburg than in London.
The premium on gold at Paris is 8 per mille, which, at the
English Mint price of 31. 17s. 10.4 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 shipping interest has not been in so flourishing a state
since the war as it is at present, owing almost entirely to the
efforts made to fetch corn from all parts of Europe. Freights
have risen enormously, and this trade yields so much bet-
ter a return than any other, that the ordinary operations
of commerce are seriously impeded. Gold is going out to a
considerable extent, and is said to be much in demand in the
north of Europe, in Russia particularly, independently of the
corn payments. This has become in itself a lucrative trade,
the expense of sending gold to Hamburg not being more
than a per cent, while the difference in value between the two
places, as shown by the calculation above, is rather more than
2i per cent. An advance has been made at the Bank in the
price of bar geld, which is now 3/. 18s. 2d. the ounce, which
will necessarily cause the preference to be given to sovereigns
or ccin in the exportation of the precious metal.
The foreign exchanges, in consequence of the very exten-
sive exportations of bullion, were rather firmer this afternoon.
Paris, short, was quoted 25. 27i to 321 ; Amsterdam, short,
12. to 2; Hamburg, 13. 84 to i.
The funds wore a better appearance to-day, and Consols
improved to 92} to for Money and Account. Some uneasi-
ness prevails in the market, however, in consequence of the
late advance in the price of gold at the Bank. This makes a
total rise of sd. in less than three months, the price marked
up to the 6th of November last being 3/. 17s. 9d. ; rallied on
the 13th of November to 31. 17s. 10id. ; and now, as before
stated, to 3/. 18s. 2d. Considerable exportations of gold
continue to take place through other channels than the Cus-
tom-house, and one eminent firm took yesterday from 80,000
to 100,000 sovereigns for export to the Continent. Bank
Stock was 2021 to 3; India Stock, in which no transactions
took place, was nominally 256 to 7 ; Exchequer Bills, 665. to
68s. ; India Bonds, 635. to 655. premium.

CH RONICLE.—Tho Censol Market has rallied from the
depression:it underwent yesterday, and the transactions in it
have been rather considerable. At the close of business they
left off firm at 92i to 1 for money, and 922 to for the ac-
count. Exchequer Bills were 66 to 6S prem. ; Bank Stock,
2021 to 203 ; and India Stock, 2.56 to 257.
There is nothing particular to notice in the Foreign Funds,
but they were, on the whole, also much firmer, and there ap-
pears to be a greater disposition to deal in them. Spanish
Active Bonds closed at 181 to Portuguese Five per Cents.,
351 to 4 ; Ditto Three pur Cents., 221 to if ; Dutch Five
per Cents., 1021 to ; ditto Two-and-a- Half per Cents ,
542 to Belgian, 981 to 994 ; Brazilian, 771 to 78 ; Co-
lombian, 281 to 4; Mexican, 24 to k; and Peruvian 17 to 18.
There has been scarcely any business done in the Share
Market. London and Birmingham were 77 to 79 prem. ;
ditto (new), 24 to 25 prem. ; Southampton, 42 to 43 per
share ; Great Western, 11k to 12f prem. ; Leeds and Man-
chester, 19 to 21 prem. ; Manchester and Birmingham, 1 to 4
prem. ; Brighton, 32 to 1 dis. ; Blackwall, VI to k die. ;
Greenwich, 162 to 17 per share ; and Birmingham and Derby,
10 to 8 dis.

In the American securities there is no alteration to notice,
with the exception of the United States Bank, which have
been done at 251.

There was but little inquiry for bills to-day,
except on
Paris, the rates of which are again consequently lower. There
is an impression that the Bank are determined to sell no more
gold bars, which has tended also to keep the rates on Paris
low. On Paris, sight, the rate is 25 17i- to 25 20; ditto,
three months, 25 421 to 25 473- ; Amsterdam, sight, 12 1 to
12 11; ditto, three months, 1.2 21 to 12 3 ; Rotterdam, 12 31
to 12 3i ; Hamburg, 13 8 to 13 tql ; Frankfort, 149,1 to 150 ;
Marseilles, 25 50; and Madrid, 371 to 37i.
The salei of public lands in Spain, with a view of decreas-
ing the public debt of thrt country, have several times been
alluded to, as showing the quiet and gradual curtailment of
the charges of the nation which is going on. In one of the
late numbers of the Madrid Gazette, a statement is published
of the sales of national property in the different provinces dur-
ing the month of September, comprehending also the total
sales in the previous months, by which it appears that the up-
set price of the lands sold in September was 11,578,439 reals,
while the sum realized was 26,005,077 reals, being more than
double what was contemplated as the product of the sales. It
is indeed curious to observe the increase in this respect which
has taken place in almost all the different provinces. The total
amount of money in pounds sterling which these lands pro-
duced, taking the exchange at 371, was 7,359,2841. 9s. id.

HERALD.—It is not generally known that a considerable
amount of the business in dry goods of British manufacture for
the New York market has, for some time past, been carried
on by means of credit bills drawn on London houses. To
rendew o4r general readers more familiar with the nature of
this operation, it wi:l by necessary to explain that some of the
firms in the American trade are in the custom of granting cre-

dins against seeuritiea lodged with their eorrespondents in
and other Arne.-iewi to ,tgentF, or
dealers, who pay cur mantifP.etorers by draft, on these Lon-
don houses. Our commercial readers will at one= see tbi.tt
this is the revival, or rather continuance, of the custo,
adopted by the American merchants prior to the year 1837,
and a practice which the Bank of England fostered by their
ready discount of a description of paper almost analogous
to accommodation bills, and which, in fact, are what dis-
count brokers term pig-upon bacon bills. Of course every
one must remember that this system brought into life a great
many mushroom firms, and that at last, when the Bank of
England become frightened at the phantasmagoria of their
own creation, they knocked them down as though they were
nine pins, and, at the same time, hurried some of the oldest
houses in that trade into the vortex of the panic. Several in-
stances have lately occurred, in which bills of the nature to
which we have referred, and which in fact are similar to those
in use prior to 1837, have been r, jected, not only by the Bank
of England, but by some of the leading bankers and others of
our monecracy, on being presented for discount, although
drawn upon orms known and presumed to be of great wealth.
Some paper has also been rejected, because it was drawn
against cotton and stock speculations, and it is well known
that there has lately been as much gambling in the former as
the latter, whilst we believe some bills have been Thrown out
which were drawn in the north of Europe against speculations
in foreign corn.
We understand that the bills which have been more parti-
cularly rejected I ave been accepted by firms that have more
lately entered into this mode of transacting business, and to
those acquainted with the commercial money market of New
York, it will not be necessary to point them out, whilst those
of the older houses as yet have not been so rigidly treated.
We have referred to these very impot tant circumstances because
there are symptoms that the speculations in Foreign and
British stocks and shares, in cotton, corn, yellow, &c , which
have been so lavishly carried on during the past year, have
paved the way for a crisis, should there, unfortunately, be a
considerable break down in any one of those favourite branches
of speculation.

We have some solid reason to believe !hat this experiment of
rejecting bills of the nature to which we have referred, when pre-
sented at the Bank or elsewhere for discount, arises out of none
of those freaks with which the Bank direction has been frequently
charged, but that it is the result of mature deliberation, having for
its object a check of that dangerous system of traffic by which
foreign resident merchants obtain undue credit on British ca-
pital, or rather credit bills. The leading members of the
money market who are usually consulted by the Bank direction
are understood to have fully accorded in the views taken by
the Directors, and, in several instances, have rigidly followed
their example. Thus, a new principle has obtained in our
Money Market, which promises to become custom, and, in
time, will render all foreign commercial transactions more
stable.

Money continues to maintain the same rates in the discount
market, to which we have lately referred, and in steady de-
mand. A great many bills, drawn against speculations in
cotton, silk, corn, &e , have been thrown into the London
market lately, which accounts for this demand in some respect;
also, there have been many bills presented for discounts aris-
ing out of transactions in the exchanges of the United States
and the northern ports of Europe.

LAW INTELLIGENCE.

COURT OF CHANCERY, JAN. 22

A rerson, apparently in a humble station of life, addressed
the Lord Chancellor at the sitting of the Court, and prayed
for advice. He said he was the plaintiff in a suit which was
now ready to be heard, but the solicitor refused to take any
steps for that purpose until he was paid a sum of money, which
it was not in the applicant's ability to procure.
The Loan CHANCELLOR could not interfere—he had uo
power.

The applicant retired with an air of much disappointment.

VICE- CHAN CELL OR' S COURT, JAN. 22.
RAWSON V. SAMUEL.

His HONOUR delivered judgment on the motion to dissolve
the injunction in this cause. The injunction was dissolved so
far as it restrained the trial of the action at law. But execu-
tion was stayed until the general amount should be taken.