The Sun.
London, England, 1853-09-28 00:00:00

THE FUNDS.

(From the Tinzts City Article.)
The panic in the stock-market continues to increase,
and has now apparently become uncontrollable from the
mere force of contagion. At the commencement of
business, before the course of operations had been influ-
enced by a renewal of vague excitement, there was a
favourable reaction of the same character as that which
took place on the previous morning ; but a continuous
pressure of sales, both for money and account, then
again set in, and a decline ensued with scarcely any
pause, until Consols for money, which had opened at 92.
had been sold at 931. Subsequently, on its becoming
known that the quotations of the foreign exchanges
were such as to put any further immediate transmission
of gold to the continent out of the question, a slight im-
provement took place, but there was no alteration in
the actual appearance of the market, which retained its
agitated character to the last.
Nothing transpired during yesterday to.account for
the renewed fall, and operations seem to content them-
selves with general predictions of fearful monetary or
political difficulties, according to the direction in which
the market may be most sensitive for the moment. Of
course, with fears of this kind once set in motion, a
panic may be carried to any extent, since it soon creates
of itself the very evils from the dread of which it bad its
origin. Meanwhile, however, it is satisfactory to state
that in no quarter among the respectable firms of
London engaged in general trade does there appear to
be the slightest fear of any commercial disasters—a con '
dition of affairs which harmonises with the fact that all
stocks of produce or manufactures have for months past
been cleared off at a profit as fast as they could be accu-
mulated, while, with the exception of the shipments to
Australia, the entire commerce of the country has been
carried on with more freedom from speculation than at
any former period.
The rate for money in the Stock Exchange yesterday
on Government securities was 3 per cent. Out of doors
and at the Bank there was a full, but not an excessive,
demand. Some loans on Exchequer Bills were obtained
at the Bank at the rate announced on Friday last—
namely, 4 per cent.
The fall in Consols since May has now exceeded 10
per cent. ; and on only eight occasions during the pre-
sent century has any continuous decline to a similar ex-
tent taken place. These instances were as follows—the
downward course in each case having been interrupted
by only slight oscillations. It will be observed that the
heaviest periods were in 1803, on the breaking out of
hostilities with France ; in 1819, on the resumption of
cash payments ; in 1825, upon the failure of the private
banks ; in 1830, on the rejection of the Itefoim Bill ;
and in 1847, in consequence of the railway crisis. In
the remaining cases the fluctuation was little beyond
that which has occurred this year, although in compar-
ing them with the present time, the greater margin for
a fall that has been presented by the recent high prices
must be kept in mind.

Year.• Decline from
1802
1803
1814
1815
1819
1825
1830
1847

Extent of fall.
124 per cent.
224
"
(4
114- ,"
14k '
194 ''
15k

PROPOSED METROPOLITAN MANIFESTATION IN SUP.
PORT OF TURKEY.-At a meeting of friends to the inde-
pendence of Turkey, held at Anderton's Hotel, Fleet-
street, yesterday evening, Mr. J. A. Nicholay in the
chair, the following resolution was unanimously adopted :
That a metropolitan aggregate meeting, for the pur-
pose of eliciting anexpression of public opinion with re-
gard to the Russian invasion of Turkey, and the duty
of this country in consequence thereof, be holden on the
earliest possible day ; and that a sub-committee be ap-
pointed to forward the necessary arrangements, and to
report to a general meeting of the committee on Satur-
day evening, October 1.” The sub-committee having
been appointed, the meeting adjourned until Saturday
evening, at the above:um:awned place.

* The Earl of Dundonald possesses three Chili= decora-
tions for capturing the city of Valdivia and the frigate
Esmeralda, and for clearing the Pacific of all hostile ves-
sels of war ; also the Grand Cross of the Order of the Cru-
zero, for driving the Portuguese from the northern pro-
vinces of Brazil ; and the Order of the Redeemer of Greece.
His lordship s services to his own country have been ga-
zetted nine times.

t His lordship has lately afforded the public some very
sterling suggestions, the fruits of his vast experience, in
the shape of a pamplet, entitled " Observations on Naval
Affairs, and on some collateral subjects, Sze." In this
volume he has published a summary of his naval services,
and has exhibited acts of injustice, as experienced by him-
self, which should render its perusal imperative on all
who feel in any way interested in the honour of their
country, and especially on those whose duty, as well in
whose power, it is to make atonement for tho past, and,
by AMP Os; to cowli recolledim