The Sun.
London, England, 1838-11-17 00:00:00

MONEY AND CITY NEWS.

(FRuM THE MORNING PAPUA* Oli T2lls DAY.)

T t ME S.—The rates of the foreign exchanges do not vary
materially this afternoon, that on Paris being the same, and the
northern exchanges a mere shade lower than on Tuesday. As
compared with that of last week the Paris exchange is a little
stronger ; but in Amsterdam and Hamburgh the appearance,
though very limited in extent, is that of a continued decline.
All the continental exchanges, as is well known, have a ten-
dency to find the same level, but the first impression is made
now in the corn-exporting countries, where the calls on Eng-
land originate. At no time has opinion been more divided with
respect to the real state of the demand for grain from abroad,
as founded upon deficiency at home, without which those ope.
rations must recoil severely on those who have commenced
them. From present appearances it is s.ife to infer teat the
speculators are, less sanguine than they have been. The rates
of exchange to-day were, Paris, short, 25. 45 to 50 ; Amster-
dam, 12. 24 to 3; Hamburgh, 13 10.

C HRONICL E.—Consols are again gradually recovering
the depression they sustained yesterday, in consequence of
the tenor of the speech of the King of the Belgians ; and per-
sons usually well informed on these matters are of opinion that
an arrangement of the debt between Holland and Belgium
will be shortly effected, notwithstanding the impression to the
contrary conveyed by King Leopold to the Chambers.
The weekly averages of the prices of corn have risen so
considerably for the last three weeks that the duty is again
beginning- to fall, and there is so little probability of the price
of corn being lower than at the present time, that the duty in
the course of a few weeks will be again so reduced as to ad-
mit of the free importation of foreign grain. But here the
corn-factors at Mark.lane remark upon another disadvantage
in the present system of corn. laws, for even if the duty should
again come down to one shilling per quarter, it is not pro-
bable that this will be determined in less than five or six
weeks, and then the navigation of the corn-exporting
ports of the north of Europe will be closed for the win•
ter months. In this manner it would be useless to open the
English ports at a time when no corn could arrive from the
only ports where there is at present any surplus to be obtained,
an effect of the operation of the system which, even under any
circumstances than those in which the question of the corn
trade is involved, might become the cause of great temporary
distress. But at present, as we have so repeatedly shown, the
wl ale of the supplies which can be obtained from the North of
Europe would be too trifling to affect the prices of corn to any
material extent, and, under any circumstances, there is but
very little doubt that the value of corn will be high through-
out the ensuing months of winter and spring ; that the duty is
almost certain, to return to the minimum ; and therefore those
who have corn at the northern porta might very securely be
advised to bring it forward before the close of the navigation,
as its removal from the bonded warehouses will soon be pro-
fitable, and also, even so far as any such supplies may tend in
any trifling degree to lower the prices of provisions, it is de-
sirable that such an effect should be produced forthwith, and
before the setting in of the securer winter months.

POST.—The Money Market continues extremely easy,
both for commercial purposes and on the Stock Exchange.
In the Continental exchanges there has not been much business,
and the rates continue much as they were on the last post day.
On Paris the quotation is 25f 70c. to 25f. 75c., on Ham-
burgh 13 94 to 10, on Amsterdam 12 41, and on Rotterdam
12 4-4- to 1.
The British funds have closed more firmly to-night, but
without much if any increase of business. The Government
Commissioner bought only 4,0001. Three per Cent. Reduced
at 931, and Consols have left off at the improved rate of 94/
to 4 for Money and Time. Bank Stock is 2031 to 204, and
India ditto 261 Money, The premium upon Exchequer Bills
remains at 68 to 70, and on India Bonds at 63 to 65.
There has not been any speculation in the Foreign Hous
to-day. Spanish Active Bonds are 171 to 4 with the May
Coupons ; Portuguese New Five per Cent. Bonds are 31 to
1. and the Three per Cent. Ditto 201 to ; Colombian
Bonds are 241 to 25, and Mexican Six per Cents. 231 ;
French Five per Cent. Rentes 110 f. to 25c., with the Ex-
change at 25f. 50c. ; Dutch Two-and-a- Half per Cents. are
54 to 4, and the Old Five per Cents. are 1001 to :I.
The Share Market has not improved. Great Western
Railway are 13 to prem. ; Brighton are 11 to 1 dis. ;
Blackwall are ly dis. ; Birmingham are 82 prem. ; and the
ditto quarter share 24 prem. ; Southampton New shares are
20 prem. ; Croydon are 31 dis., and the New Ditto shares
l prem. ; Colonial Bank share, are 21 to 1 prem., and the
Ditto Scrip 3 prem. ; London Joint Stock Bank are 31 to ;
and Union Bank of Australia 5 prem.

HERALD.—The Money Market continues in the same
easy position to which we have so often referred for several
weeks, and which greatly accounts for the firmness of the Bri-
tish securities.

There has been but a very limited amount of business tran-
sacted in the continental exchanges this afternoon, and the
quotations do not indicate any important change from those
of the last post day. On Paris they are quoted at 25f. 70c to
25f. 75c. ; on Amsterdam at 12 41 ; on Rotterdam at 12 41
a but on Hamburgh they have receded to 13 9i. to 13 10.
There has not been any active speculation in the British
Funds to-day, but the market, which has lately been very ver-
satile in its character, has rather improved upon the quota-
tions of yesterday, and Consols have closed at the improved
rate of 94 a I for money and time. The Government Com-
missioners have reduced their purchase of the Three per Cent.
Reduced Annuities to 4,000/. sterling, which they obtained
at about 93g.
One of the very important results which have been derived
from the breaking up of most of the large agency houses in
India, a few years ago, and which does not appear to have
been duly appreciated, has been that of opening a new field
for a banking system more in accordance with the banking
system of this country in Bengal, and other portions of our
Oriental dependencies. This approach to a reform in the
monetary system of India, that land of misrule and prejudices
(for a tenacious adherence to ancient prejudices in such matters
has too long been the chief guide of those who governed,
and tamely adhered to also by those who were governed,
whether of native or European origin) this approach to a re.
form in such an important agency to the prosperity of the
commerce and agriculture of so rich a province as Bengal,
and, indeed, of any part of India, has, doubtless, been much
accelerated by the vast individual losses and ruin which were
hrought about by the failure of those extensive agency firms,
who, in most instances, and contrary to all the true principles
of banking, combined the trade of bankers with speculations
to a very enormous amount in every description of produce,
and thus produced those disastrous eff.cts, which must have
forced upon the minds of all classes in India the necessity co
a purer s} stem of banking. the more especially, since the abro-
gation of the Company's Trading Charter.
It appears by the late advices from Calcutta, that the Bank
of Bengal and the Union Bank were in a very prosperous
condition, the dividend of the former being at the rate of 15
per cent. per annum, and that of the latter at the rate of 12
per cent, per annum. These circumstances had determined
both these institutions to add to their capital by the issue of
new shares, whilst the progress of the subscriptions for
shares in the newly-proposed Bank of India, gives every pro.
raise that this institution will be able to commence business
early in the ensuing year.
The genial influence which this extension of banking capital
will have upon the commerce arid agriculture of our Eastern
possessions, provided it be but prudently applied, can scarcely
require demonstration, whilst it must afford an opening for the
investment of British capital equally as legitimate as the daily
investments of British capital in the banking and railroad
shares of the United States, particularly when the adaptation
of steam navigation brings our Indian possessions, as it were,
in closer connection with Great Britain.
It appears from some very useful statistics relating to the
external commerce of Bengal, which have been ably arranged
by Mr. Bell, that it was materially affected by the important
commercial crisis of 1836 and 1838. They are exhlbited in
the following comparative statements of imports and exports
at Culcutta during the years 1836 37 and 1837-38, and as they
have not appeaeed in any Daily Journal, will be interesting to
a large portion of our commercial readers :

TOTAL VALUE OF IMPORTS OF MERCHANDISE AND TREASURE.
In 1836-37—Company's rupees 3,72,65,602
In 1837 38

Increase..

34 33,902

TOTAL VALUE OF EXPORTS.
In 1836-37—Company's rupees 6,70,77,409
In 1837-38 6,50,45 959

Decrease .

20,31.450

had imported trea-
sure Totalei in pd increase
woonu
ledx phoarvtes
baenedn imports7.3B, 14,02,452
been excluded, the value of which was—
In 1836-37—Company's rupees 64,48,495
In 1837.38

Increase 43,93,114
In imports the decrease with Great Britain amounts to Com-
pany's rupees, 18,09,881 t with the United States, 3,05,866.
In exports to Great Britain the decrease is 11,87,774 ; to the
United States, 22,91,582 ; and the whole decrease in the in-
terchange of commerce with Great Britain is 90,27,625, and
with the United States, 25,96,448 rupees.

A woman was charged yesterday at Union-hall with
having tenciersi in payment for some goods one of the flash
notes upon ne " Bank of Elegance, issued by puffing hair-
dressers. It appeared that the woman had picked up the note,
and, supposing it to be a genuine one, had made certain pur-
chases in order to have it changed. She was discharged,
after being lectured by the Magistrate on her dishonest prin-
ciple in attempting to convert the property of another to her
own use. His Worship strongly censured the practice of is-
suing such documents, as instances had occurred hi which
they had been received for real notes in the hurry of business,
besides affording " magsmen" and other swindlers the means
of exhibiting a show of property.
A magnificent snuff-box of great value was presented
to Reschid Pacha by the Belgian Minister of Foreign Affairs,
in the name of the Belgian Government, during the recent
visit of that accomplished oriental diplomatist to Brussels. It
weighs twenty one ounces, and is of the finest gold; the top
is covered with a portrait of King Leopold in enamel, sur-
rounded on each side with three large brilliants, and nine
smaller ones, all of the finest water : the sides are worked with
an olive branch in relief, ornamented with the fruit in bril-
liants. The bottom of the box is in dead gold with ornaments,
and all the chased work of this bijou is said to be of the most
excellent workmanship. We believe that it was made at
Brussels.— Galignani's Messenger.