The Sun.
London, England, 1838-03-29 00:00:00

i and C 0 Mild EKCIAL MARKET.

I(From the Morning Papers of this day, Wetinestlay)
Moatcxxo Cliti.ONte.t.r.-hares generally were dull, and
several underwent a forthejtlep'tt,tision, ;;:i► the transactions in
'hem were unimportant. Birmingham, o';(1,. left off at 84 to
;6 premium; ditto new, 26 to 27 prcm. ; Southaii';Ft,_,o;
,31 to -WI per share; ditto new, 20 to 21 prem. ; Great
W,stern 231 to 24 prem. j Brighton, 11 to 1 prem.
Dutch securities are daily gettirig w.-orse snd small sales are
c rithlually made, which is the worst feaVife a market can
-event, for it clearly shows that the bone fide holder's Ore re-
Iteving themselves of their stock.
The city corespondent of the Morning Post perseveres in
ills declaration that no letter of the nature we have described
has been received by the Bank of England from the Bank of
.he United Sta'es. What wretched sources of informatiln
mr Contemporary must possess, for the details of this busi-
ness are by this time known to almost every merchant's clerk
tit the city.
The intelligence from Belgium is now the subject of pars-
nount importance to the holders of Dutch and Belgian bonds,
!Or the opinion is hourly gaining ground in the city that there
will be very great difficulties in the settlement of the question
of the partition of the Dutch national debt. It is very ge-
nerally believed that King Leopold is quite determined upon
the rejection of all share of the debts of Holland, and thinks
it sufficient to have burdened his subjects with two heavy •
loans for the extraordinary military expenses which Belgium
has been subjected to, entirely through the obstinacy of the
King of the Dutch. It seems also that Leopold is much •
more confident of his ability to repel the aggressions of the
Dutch, or even to invade and conquer Holland, than in 1831,
when his army was undisciplined, and not, as now, officered ex-
tensively with Frenchmen, and certain of the full moral, if
not active and pecuniary, assistance of the King of the French
On the other hand, the difficulties of Holland are now over-
whelming, for so exhausted is the country, and the mass of
the people are becoming so disaffected to the present order of
things, that King William will find it difficult to meet the ex-
penses of an offensive war. In this event it is almost needless
to remark that the Dutch will in all probability be obliged
once more to come to terms with their creditors. The fo-
reign bondholders are therefore tolerably sure of being sa-
crificed, let the Dutch and Belgium question be settled
when it will.

MORNING POST. —The Spanish Active Bonds, without the
arrears of dividend, advanced to 22, owing to some further
improvement in price reported from Paris • they, however,
receded before the close of the market to 21 s We do not
believe that any change has taken place in the prospects of
Queen Isabella to warrant an advance in the Paris market. A
new loan has been talked of, but how this, even if obtained, is
to benefit the holders of the existing stock we are always at •a
loss to conceive. If two or three millions sterling can be
raised it will be applied, we have no doubt, rather to the ordi-
nary purposes of the Madrid Government than to the pay-
ment of dividends in Paris and London, and so much will be
at the same time added to the national burthens. A new loan
would therefore be not only of no advantage lot decidedly de-
trimental to the foreign creditor. The refusal of the Emperor
of Russia to make Don Carlos any further advances of money
for the prosecution of the war is one of the rumours in circula-
tion, but it does not appear to be entitled to the least credit.
There is nothing in the present situation of Don Carlos to
diminish the confidence of his friends and supporters,
whoever they may be, in the result of the war ; but could it be
even proved that they have abandoned him to his own re-
sources, as has been alleged, and that his expulsion from Spain
must be the inevitable consequence, we do not see what dif-
ference this would make to the Foreign claimants on that
country. Another half-year's dividend will become due on
the Ist of May next, and the addition of a fresh Coupon to the
arrears with which the bonds are already charged, will be
pretty sure to be the signal for a further decline in the capital.
If a little more money can be extracted from the pockets of
the English and the French it will be done, but nothing will,
we are satisfied, be returned to them in any shape. We are
nevertheless disposed to believe that some scheme or other is
in contemplation among the loan contractors of the two
countries for getting a fresh creation of bonds into the dif-
ferent markets, and the question is, whether this will be per-
mitted. The Committee of the London Stock Exchange
must set their faces against the proceeding, and in this way
endeavour to make some amends for the mischief they in.
flicted on the public by their erroneous conduct in 1834.
Had they acted with a little firmness on that occasion, they
would have saved upwards of 70 of their members from the
ruin in which they were involved by the heavy decline that
occurred .the year following. Of this fact they are as well
aware as ourselves. Five per Cent. Portuguese Stock left off
at 30! to -8, and the Three per Cents. at 20i to 1. It was
reported late in the day that an express had reached town with
later advices from Lisbon, which is probably correct, as the
Iberia has now been due these three days. A conflict is said
to have taken place between the Government party and the
Exaltados, in which the latter were defeated. The Dutch
funds have been done at lower prices, in consequence of an
article that appeared this morning in the I'ost. This article
has for the moment greatly dissipated the hope which had bran
entertained by many persons of the speedy settlement of the
differences of the Dutch and Belgian Governments.
The revival of the question of the conversion of the Five
pc: Cent. Stock at Paris caused some sales to be made of
French securities in this market to-day. The Five per Cent.
Rentes were done at 108 f. 25c., and the Three per Cents. at
79f. 75c.

MORNING I-lEnat.n.—The Money Market, either as regards
commercial dealings o: speculation and investments in the
public securities of this country, scarcely call for any par-
ticular remark, so little have been the changes from the
particular features of the Market to which we adverted yes-
terday.
An impression has ben creafrd, by the statements of a
Morning Contemporary, that the Chancellor of the Exchequer
has been borrowing money (to make up the deficiencies of
the present quarter) of the Bank of England, upon the secu-
rity of the Deficiency Bills of the July quarter. As the
law has not provided for any such forestalment of the appro-
priation of Deficiency Bills, we may state that any such ad.
vances are not consistent with the terms of the Bank Charter
Act, and have existed more in imagination than fact.
Amongst some of our experienced men in the foreign loan
way, there is an impression that the efforts which have been
made on the Paris Bourse, as well as here, to bolster up
Spanish Bonds, is but a prelude to an attempt for negociating
a new loan for the service of the Queen of Spain. It is, how-
ever, considered that under the present financial circumstances
of Spain, no new loan can be contracted but at a ruinous
hazard on the part of the speculators, however abject, as re-
gards the Government of Spain, the terms may be in favour
of the contractors.

zi'PIRIT OF THE PUBLIC JOURNALS.

It is difficult to conceive how mankind could deal with the
Tories were it not for that admirable dispensation of Provi-
dence whereby your very cunning men so frequently overreach
themselves. As malignity and amhition are ever prompting
them with continual projects for their darling object of obtain-
ing power; as their unscrupulous pertinacity constantly sup-
plies them with a fresh succession of means which a less
iroguish opposition would disdain, it is pleasing to observe the
regularity with which their devices entail not only dishonour,
but, what they feel more bitterly, disappointment on themselves.
Of this great and wholesome truth a memorable instance has
been afforded by the result of Lord Eliot's motion. Fired
with a natural emulation of his Cornish countryman Moles-
worth, the Noble Lord announced with great parade h's inten-
tion of having his turn with another Secretary of State. To
censure a policy which it was well known could not, under pre-
sent circumst.inces, be pursued—to recal the foreign Legion
when it was no longer in the field—and to provide against the
renewal of an order of Council, which no one intended to re-
new, were objects so urgent in the eyes of the Noble Lord,
that he thought his duty to the Tories of England required
him to stop the business of the country in order to take the
sense of the House of Commons on a resolution carefully
worded, and ushered in with abeemningly long notice. Whips
were made on both sides—the rites of pairing were duly per-
formed—and nations, with suspended breath, longed for the
end of many prepared speeches, and the numbers of the
division. The first night of the debate exhibited all the
usual phenomena of such debates, together with one which
may be reckoned cut of the usual course—the brilliant speech
of Mr. Shell. And as this speech seemed to merit at least
some slight appearance of answer, and as it was known that
answers—(and such - answers 1).--had been prepared by Sir
Charles Douglas, and Sir George Sinclair, and Mr.
manes, of Pontefract, and Mr. Miekinnon, of some
other place, it was generally
„judged that the speaking
would not be deficient in quantity ; and prudent men
resolved, like Sir Robert Peel, not to come clown too early, so
as to have too much of it. But it proved rather unfortunate
that.all the feeders of the Tory part) happened on this occa-
sion to act on this very natural and excusable feelinc". Neither
Sir Robert Peel nor Mr. Holmes being in the House, the
great Conservative party was in the situation of sheep without
a shepherd, or a vessel without a pilot ; nor was it in this
dilemma able to put itself under those gentlemen whom it
takes as special guides in matters of foreign policy ; for Mr.
Maclean was absent, and -an entious destiny had removed
Borthwick awhile from the field. The Tories of England, in
this sad dilemma, were thrown under the guidance of Mr.
Goulbiwn, Lord Granville Somerset, and Sir .Edward Sng.
den ; and under such auspiCes the period of the debate arrived.
What was the cause that, when the order of the day for
the adjourned debate was read, the Tory bodies stuck to their
scats and the Tory voices to the'Fory jaws it is not yet per-
mitted to us to know. Some say that Mr. Milnes would
not throw away his speech in so thin a House, and Would
not speak ; some that Mr. Meekinnon way shy, and could not
speak. Some aver that the Douglas was too true a knight to
take an unfair advantage of Lord Palmerston's absence ; and
some that Sinclair was waiting co: his friends Peel and Bur-
dett. And some say that even at that early hour the eagle-
eye of the great ex-Equity Judge had counted (and counted
wrong) the numbers on both sides, and discerned the moment
when ho might take advantage of the blindness of Political
Justice and obtain a furtive majority. But be the cause
what it may, twice did the Speaker put the unheeded question ;
the loud Ayes seemed to drown the Noes : the Ministry were
ordered into the lobby usually devoted to the minority, and the
Tories, as they went nut to that usually tenanted by the pre-
sumed majority, were kind enough to inquire what Lord John
meant to do in consequence of his defeat? But the cold cal.
eulatiobs of the tellers dispelled their pleasing hopes ; a. ma-
jority of eight, equivalent to about forty in a ull House, nega-
tived the motion ; and the hopes and speeches of the Tories
were cut short !—Morning Chronicle. '

A topic which took place of Lord Eliot's resolution on
Tuesday was one which has at all times pressed closely upon
tlie'attcntiou and feelings of the whole community. It was