The Sun.
London, England, 1838-11-07 00:00:00

MONEY AND CITY NEWS.

(FROM THE ➢IORNING PAPERS OF THIS DAY.)
TIMES.—By the advices from Hamburg, the price of
gold is 436 per mark, which, at the English Mint price of
3/. 17s. 10id. the ounce for standard gold, gives an exchange
of 13.10 i, and the exchange at Hamburg on London at short
being 13.8, it follows that gold is 1.16 per cent. dearer in
Hamburgh than in London. .

The premium on gold at Paris is 8i per mille, which, at the
English Mint price of 31. 17s. 104. the ounce for standard
gold, gives an exchange of 25. 36:}, and the exchange at Paris
on London at short being 25. 47i, it follows that gold is 0.44
per cent. lower at Paris than in London.

The course of exchange at New York on London is 1091
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.
The Continental Exchanges, which have been droopinu for
some time past, are again quoted lower this afternoon, and
would seem to indicate that an exportation of gold must soon
take place. The rate on Paris, short, was 424 to 471. The
chief cause is the state of the corn trade, and the large ship-
ments of grain which are known to be on their way to this
country.

The annexed are extracts from one of the commercial let.
tern received this morning from New York by the Royal Wil-
liam, which enters more fully than they usually do into the
state of business and public affairs. It is always desirable to
learn the views of practical men in such matters, which they
are too apt to pass over in silence in their communications to
their correspondents, and leave them to be gathered from the
newspapers, which are not near so safe a reliance
NEW YORK, OCT. 19.--When the Legislature of our
state last spring passed a law authorizing individuals under
certain restrictions to form associations for the purpose of
banking, and limiting their liability to the actual amount of their
subscriptions, it was thought that an institution with a large capi-
tal would be established in this city under the auspices of some
of our leading monied men, but I am now of opinion that no
Bank of large capital will be formed here, at least for the
present. Mr. Biddle will, therefore, continue at the head of
the monied operations in the United States; and, as lie
wields so large a capital, no private individual or local Bank
can compete with him.

rt,..4%.

in the money concerns of this country, a few remarks re-
spectinga
presides
this
majority
o mayf
not
ththe
gentleman
b e
stockuaa
co
cf anetphdt
ea
unacceptable
the
to
ote institutiond you,st a States
s moreß overa he
a s
nkorY,
especiallywhich
Penn-
sylvania is owned in England. There is no doubt but that
so long as Mr. Biddle enjoys his health the affairs of the
Bank will, to all appearance at least, be in a flourishing
and prosperous condition, and dividends of eight per cent.
per annum be regularly paid to its stockholders ; but as no
publicity is given to its affairs, it is impossible for anybody
hut Mr. Biddle himself to know its actual situation. A
branch of the United States Bank has recently been esta-
blished in this city, with a nominal capital of 15,000,000 dols.,
but it is very doubtful whether a third of this amount will ever I
actually be transferred here. The United States Bank have
lately taken a loan of the State of Mississippi for 5,000,000
dots., 5 per cent. interest, and principal payable in London at
4s. 6d. per dollar. It was sold at par, payable by instalments,
in various parts of the country, and, it is supposed, will soon
3,o'nousr, mmarr.keSti.ddllenhstaesadietoefrfaedrehdertionog
msutreihctlwyittho
t la
liabilitiesn ti c .
of the
tbhaen bank
variousm ust hol hold abtfihanendktiritnasgdew:oPyfetrhtaoeti Union, and is by many considered the greatest
char-
tered institutions throughout the United States on which he
has loaned money, or which have been taken as security for
sides stocks kt sh the
and A
beannedficißalrietiffsehmsgooofdsa ar
debts incurred previous to the great crisis of 1837.
hpefits. Your manufactur-
ing Our growing cotton crop is estimated at about 1,600,000
bales, which it is thought will not be more than the increasing
Isapregceulaamtooranotnofthtiism
consumption throughout the world will require.
re-
vival payingg
districts
General
et
f rn i
theete h ase
l i I ntwr businessalpldol er nteor
ofs doubt
i thisg fereviving,elhandsomet
country.
thetheestates,isconsiderablehopedthatreactiontheyinwillfavourof Go-
vernment,
vable
to carry
out their leading principle of separating the Government from
all connexion with the banks.
~ There is no prospect of any national bank being esta-
blished ; the Government is opposed to it, and many of the
States would vote against it out of jealousy ; and, in addition,
it would meet with the opposition of Mr. Biddle, who would
fear it as a rival.
~ Money is sufficiently abundant for all the legitimate pur-
poses of trade, and is likely to continue so. As there is now
the prospect of a regular communication between England
and the United States being established by steam-ships, it is
to be hoped thatt similar the two
to thoseGovernm x
eentisstiweigll
bceotmweeetno arrange-
ments
i
and
25c. France;
foreach
at present we are obliged to pay the steam-ships
ments somewhat
single letter, and 25c. additional for each en-
closure, and 2c. fur each newspaper. Though there is no law
authorising our Post-office department to make any arrange-
ment with the steam-ships, there is every facility afforded by
the postmasters throughout the United States, under instruc-
tions from the department of Washington, so that letters from
every part of the Union can be forwarded by the steam-ships
on payment of the inland postage and the additional charge
made by the steam-ships at the Post-offico where the letter is
mailed.

`‘ OCT. 20, 1 P. M. —United States Bank Shares, 119 to
Bills on Lkidon, 91 to prem."
What is said of the above state of banking in New York is
far from encouraging to some projects which have been formed
on this side of the water, for carrying on bankinc, operations
by a combination for that purpose of London and New York
capitalists. There may be valid reasons why such operations
should not be engaged in under the most favourable circum-
stances, but as the groundwork would seem to be disappearing,
it would be totally useless, at present, to adduce them.
CHRONICLE.—ConsoIs closed firm at 93Z- to 94, both
for Money and the Account, which is an improvement upon
the prices of yesterday. This has arisen in consequence of
some large purchases of money stock which were effected in
the early part of the day, on account, it is stated, of the Bank
of England. The stock, it is affirmed, has been transferred
into the names of two of the clerks of the Institution, Henry
Willis, of Vauxhall, and George Thomas, of Camberwell, to
be removed hereafter, of course, to Mr. Governor and Com-
pany. We will not dwell at any length upon the matter to-
day, lest there should be some mistake.
The exportation of the precious metals from the port of
London for the week ending Saturday last, the 3d instant,
consisted, according to the official returns, of 31,600 ounces of
silver ; of which 15,000 ounces were forwarded to Rotterdam,
9,000 ounces to Hamburg, 4,100 ounces to Demerara, and
3,500 ounces to Jamaica.
Considerable inconvenience has hitherto been complained
of by persons trading with Cuba in consequence of the mas-
ters of vessels having been deprived of the services of their
free blacks or mulattos while at anchor there, the Spanish
authorities having not only imprisoned such persons, but
compelled the masters to pay a fee on their delivery, and to
disburse the expense of their maintenance while in custody.
This was done, it appears, in virtue of a Spanish decree,
dated in 1796, and renewed from time to time, but the sub-
ject has been taken up very warmly in South Wales, especially
at Swansea, where an extensive trade is carried on with
Cuba, and is daily increasing; and the following correspon.
deuce with the Foreign-office has taken place in reference to
this matter, by which it will be seen that the masters of vessels
by giving security to the Spanish authorities that the free
blacks or mulattos on board their vessels shall not land, will
have the use of their services, and avoid all the expense and
inconvenience hitherto incurred:—
High-street, Swansea, Sept. 24, 1838.
" My Lord—As the following is a matter of very consider-
able importance, both as respects the liberty of the subject,

" The royal orders upon this subject date from the year
1796, and have been subsequently renewed from time to time
by the Sovereigns of Spain, and decrees enforcing the execu-
tion of them have in like manner been issued by the Captains-
General of Cuba.

" The last of these decrees bears date the 12th of June,
1838 ; and it orders that when a vessel arrives at any port of
Cuba with any foreign persons of colour on board, her master
must give security that such persons shall not be permitted to
land ; in default of which, such persons are liable to be ar.
rested and kept in custody till the vessel in which they came is
about to sail again.

" I am, Sir, &c.,

J. BACKHOUSE.
" G. G. Francis, Esq., High-street, Swansea."

POST.—The accounts which were received from Canada
this morning, as detailed in the Morning Post, have of course
created much sensation, but they have had no effect upon the
public funds. The private letters which have been received
by the Royal William express much anxiety respecting
coming events, particularly as it seems to be pretty well as-
certained that secret societies were forming amongst the anti-
British party, who openly administered unlawful oaths to the
converts. The trade of the two provinces was very dull, and
as the autumn advanced it was feared it would become worse.
The commercial accounts from the United States continue
to be favourable, and no inconvenience appears to have been
felt from the rapid approach of the period for a more general
resumption of specie payments. It appears that the Bank of
the United States had been drawing freely on this country at
91 prem. Treasury bills were 4 per cent. prem., and sove-
reigns were worth 4 dols. 85 cents.
There has been no alteration in the value of money for com-
mercial purposes, and the transactions in the Continental Ex-
changes have been very unimportant.

HER ALD.—The accounts which have been received from
the Canadas by the Royal William have created.th a great deal
toifoninotefroeustr hNeorrethamAomngesrtioaanll
tahsa t
it porhas-
now become fully evident that Lord Durham has finally resolved
to return. The private letters which we have seen, and which
have been addressed to some eminent firms here, all concur in
regretting his Lordship's return, as well as that portion of his
settlements, parties
connected
the with
more so
proclamation which is an evident appeal to the opinions of the
colonists. These letters also mention, in confident terms,
that secret associations were rapidly forming amongst the
French Canadian party, and that illegal oaths were almost
openly administered to those who joined them. These cir-
cumstances conjointly had caused much gloom amongst the
British party throughout both provinces, and already had created
much dulness in trade, which, it was feared, as the fall wore
on, would be much augmented. The following is a compara
tive statement of the arrivals, tonnage, and settlers at the port
of Quebec, to the 10th of October inclusive, in the years 1837
and 1838:

Vessels. Tonnage. Settlers.
1838
in,

More this year... 40

9,471 less 19,028

The commercial accounts which have been received from
the United States continue to wear a very favourable appear.
ain calet,h
y appearance.acirculationndthe
Theofsaa of h
the c
teUnited appeared
s
tota
States had
ar a
le
been drawing largely against their cotton proceeds here, which
bad caused the exchange to recede to 9i, thus preventing the
further exportation of bullion. On France the exchange was
sf. 60c. Sales of Treasury Notes had been made per cent.
prem., and sovereigns were worth 4 dls. 85 cts. The imports
of British goods from Liverpool of the following classes to the
four undermentioned ports of the United States, New York.
Philadelphia, Baltimore, and Boston, for the past three years,
from April to the Ist of September inclusive, are thus stated
in the New York Papers, the amounts referring to the num-
ber of packages :