The Sun.
London, England, 1838-10-16 00:00:00

THE SUN, LONDON, TUESDAY, OCTOBER, 16, IS3B,

hours before the mail is despatched thence, and thus mer-
chants would have received their letters. To this arrange-
ment the Admiralty it is said were willing to accede, hut it
was opposed by the Post-office authorities. It is strange, that
though instituted professedly for public accommodation, this
well paid department will neither fulfil its duties nor permit
them to be discharged more beneficially in other quarters.

POST.—The settlement in the Foreign Stock Market has
been arranged without difficulty. The prospects of the com-
mercial community of the United States, appear, however, to
have been gradu i ally mproving, though money was rather
more in request. The domestic exchanges in the west had
slightly approached nearer to an equalisation with the pre-
mium upon the northern paper; but at New Orleans com-
plaints were still made by the merchants at the difference of
the rates between the southern and northern paper. By a
return of the liabilities of the different banks in the city of
New Orleans, it appears that they were in a much more
healthy situation ; but, though they manifestly appear
capable of resuming specie payments, at a meeting
of the Directors of all the New Orleans banks, it was
determined nut to resume until the Ist of January, and
then not without Mr. Biddle would return a favourable
answer to their application to him, to supply them with a full
circulating medium ; in fact, on the question of resumption
there seems to be much controversy between the old and new
banks of that State. The advices which had arrived out from
hence, of the advanced prices of wheat in our markets, had
created much speculation in those of the United States, par-
ticularly that of New York, where, in consequence of much
flour having been bought for shipping., the best brands had ad-
vanced to 9 dols. 25 cents. to 9 dols. 50 cents. per barrel.
We believe, however, that little or none had been exported for
Great Britain. In other respects, we have no additional in-
formation from the United States. The exchange on London
was 1091 to :12- for these packets.

Launceston, papers have come to hand to the 18th of May,
which mention that accounts had been received from Adelaide,
South Australia, stating that the Sessions of the Supreme
Court had commenced, and found true bills against Mr. Ste-
phenson, the Private Secretary to the Governor, and Mr,
Hutchinson, his Excellency's emigration agent, for libelling
Mr. Fisher, the Commissioner. The Governor was making
a tour of the province, and had appointed Mr. Geo. Stephen
Acting Governor in his absence.

AdVices from Canton to the 13th of May, by way of New
York, state that little alteration had taken place in the produce
markets there. Opium had been, however, in more demand,
and New Patna and Benares had advanced 100 dollars per
chest in two days, and were quoted as high as 600 dollars per
chest. The Exchange on Europe was 41. 4d., and the same
on United States Bank Bills. Freights were nominally 104
per ton.

C IMONICL E.—The Times is in error with regard to
the causes of the increase in the Excise. Unable to deny the
large increase of the revenue which has arisen from this depart-
ment during the quarter which has just ended, the Times says,
" It is already known, and might very safely be inferred, with-
out any absolute knowledge of the fact, that the coronation,
which threw the country into a blaze of festivity from one
end to the other, has added an enormous sum, in duties
on exciseable articles, to the revenue of the country. This
has been estimated as high as half a million ; but it will
be taking a very moderate calculation indeed if we take
it simply as neutralising Mr. Rice's item of increase of
388,499/. under that head." Now the Times is singu-
larly unfortunate in this 'statement, for the coronation took
place on the 28th of June, and the tables for the quarter just
expired are made up from the 10th of July to the 10th of
Octob r, and, therefore, exclude entirely the expenditure
ceeated by the coronation as described by the Times. How-
ever, it is not believed that the coronation had mach, if any,
€ (Sect in causing an increase of the receipts of the Excise ; for
if more gin, beer, and other inflammatory matter was con-
sumed by the population at that period, it is probable that a
less amount of tea, coffee, ,and other highly-taxed articles
were made use of in a corresponding degree. The increase
of the revenue in the last quarter is attributable to no such
insignificant causes as those pretended by the Times, but
mainly to the gradual revival of the business of the manu-
facturing districts, through the improvement of the state of
vavvtehairtateihtlnoAmerican trade which the
per Times has endeavoured so
laboriously to embarrass.
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to be landed anywhere but at Falmouth, it may be fairly men-
tioned that a letter arrived in London to-day, saying that the
mail had reached Falmouth a short time after the departure
of the post, and the consequence was that the bags would re-
main there twenty-four hours before they would be forwarded.
Surely the whole of the bags could have been brought to Lon-
don as well as a single letter.

HERALD.—The late accounts of the anticipated un-
favourable aspect of the harvest in this country had created
some considerable speculation in the market for bread stuffs at
New York, and flour had advanced to 9 dollars 25 cents to 50
cents for brands of first-rate qualities, large parcels had been
bought on speculation for this country, but notwithstanding the
statements in the public Journals, the private letters mention
that no actual shipments had taken place.
The internal exchange of the United States continued
slowly to improve, and the condition of the western, and par-
ticularly the southern banks, had even advanced in a greater
proportion. By a return of the condition of the New Orleans
banks, on the 3d of September, it appears that the actual cir-
culation upon 54,451,000 dollars of capital amounted only to
4,993,313 dol., to meet which the banks had 3,653,631 in
specie. The total liabilities of these banks amounted to
22,076,160, and their assets to 56,164,393 dol. These
banks had jointly increased their specie 235,294 dol.
since August the 6th, and during the same period
had diminished their circulation by 490,565 dol. On
the 3d of September, the presidents of the different
banks of New Orleans met, to discuss the question
of a resumption of specie payments, and then continued in
their determination to resume on the Ist of January, provided
that Mr. Biddle would furnish a circulating medium, of which,
as he had not answered their previous application, there was
no immediate prospect. It seems also that a great difference
' of opinion prevailed between the directions of the old and new
banks respecting the expediency of resumption, the former
being anxious to redeem their promises to the public, and the
latter, fearful of unpleasant circumstances if the specie banks
did not support them, were desirous of continuing a paper
currency. In the mean time the New Orleans traders were
complaining of the inequality of the exchanges with the north,
and, though they had improved, they loudly demanded relief,
whilst petitions were getting up, praying the Legislature,
if necessary, to compel a resumption on the Ist of January
next. At Philadelphia the trade was dull in consequence
of the shallow state of the canals, which had compelled the
merchant; to go to New York, to seek their supplies from the
Western States.
By way of New York we have also dates from China to the
12th of May. 'Wang, the acting treasurer, had issued or-
ders to the flong merchants, dated the 30th of April, in
which he recapitulates the edicts of the Governor and Hoppo,
respecting the passage boats, and threatens the same severe
measures in case of disobedience. Six of the longs had been
publicly posted by the Hoppo, as being no longer allowed to
trade with the foreigners, and the Governor had ordered Cap-
tain Elliot to apply for a red chop to go up to Canton, either
to send Baker's ship away, or order her to be broken up. The
exchange on London was 4s. 4d. to 4s. 5d., at six months'
sight. United States Bank Bills, 4s. 41. Republican dollars
per cent. prem., and Carolus 12 per cent. prem.lT3naearteiss
a great increased activity in the opium market, new
and Bcnares having advanced 100 dols. per chest in two days.
Cotton piece goods and yarns were in demand, but 'Woollens
were dull of sale. There was a great dearth of shipping
for Europe in the Chinese ports, and Silks, in consequence,
were dull of sale ; but no estimate had been formed of the
new crop.
The crops in both provinces of the Canadas appear to have
turned out very favourably.