The Sun.
London, England, 1838-11-28 00:00:00

MONEY AND CITY NEWS

(FROM THE MORNING PAPERS OF THIS DAY.)
CHRONICLE.—The settlement of the account in
Consols, which took place to-day, was on al arger scale
than has been usual for some time past, in consequence of
extensive operations which were decided yesterday. The
market opened rather flat, with money in demand, and the
continuation until the opening of Consols in January ad-
vanced from to 4 per cent. Everything, however, passed
off satisfactorily. Consols left off at 94 for money, and 9-1 i
buyers for the opening in January. Three-and-a-Half per
Cent. Reduced closed at 100:1- to 1; New ditto, 101
to 102 ; Long Annuities, 14 15-16 to 15 ; Exchequer, 66
to 68 prem. ; Bank Stock, 203 to 2031 ; and India Stock,
262 to 263.

Foreign securities do not present anything new. Spa.
nigh Active remains at 17* to 1 ; Deferred, 71 to ;
Passive, to 4* ; Portuguese Five Cents, 31 to ;
ditto, Three per Cents., 201 4 ; Dutch Five per Cents.,
at 1001 to ; ditto, Two-and-a-Half per Cents, 54 to 4 ;
Belgian, 101 to ; Brazilian, 781 to 4 ; Colombian, 2,-4
to 26; ; Chilian, 04 to 26 ; Mexican, 231 to - , and Pe-
ruvian, 17/ to
The Share Market continues in some degree excited in
conseTlence of the fraudulent transactions connected with
Kyart's Patent Anti-Dry-Rot Company, more especially
as some difference of opinion seems to exist as to who are
to be sufferers ; but the more general feeling evidently is,
that the Directors are liable for any defalcation or forgery
which may be committed by their Managing Director or
the person: to whom they intrusted the superintendence
of affairs. No business, we believe, was transacted in the
shares. As regards the other shares there is nothing par-
ticular to remark. Birmingham (old) left off at 83 to 83
prem. ; ditto (new) 24 to 25 prem. ; Southampton, 43i
to 461 per share ; ditto (new), 201 to 214 prem. ; Great
Western, 13 to 14 prem. ; Leeds and Manchester, 19 to
20 prem. ; Birmingham and Derby, 10 to 8 dis.. ; Eastern
Counties, 11 to 1* dis. ; South Eastern, 5 to 4 dis. ;
Brighton, 3-,13- to 2 dis. ; Blackwall, 2f, to 1 dis. ; and
Greenwich, 16i to 17 per share. British Iron Shares are
111 to 124 per share ; and General Mining Shares 12 to 13
per share. The shires of the Fire Preventive Company have
been introduced within the last few days,and command a pre-
mium of Ito /. The object of the invention, to carry out
which this company has been formed is to render wood or other
substances proof against ignition, and thus to confine a fire
to the room or place in which it may have originated.
Trials of the efficacy of the composition have been made
publicly in London and Manchester, and we believe quite
successfully ; but, as full particulars of those proceedings
were given in the Public Journals at the time, it is not
necessary now to dwell at any length on the subject.
The exportation of the precious metals from the port of
London, for the week ending Saturday last, the 24th inst.,
consisted, according to the official returns, of 200 ounces of
gold coin, which were shipped for Hamburg ; 1,234 ounces
of gold bars, forwarded to the same place, and 31,178
ounces of silver coin, of which 15,000 ounces were sent to
Rotterdam, 10,171 ounces to the West Indies, and 6,000
ounces to Hamburg.

HERALD.—This bas been settling day in the English
Stock Market, and the arrangement of the account has,
so far as it has progressed, passed off without any difficulty.
The chief, or rather prominent, incidents of the past ac-
count have been that, notwithstanding the late scarcity of
:money stock, it has become suddenly plentiful, and money
has obtained the interest value of 3} to 4 per cent. on the
Stock Exchange, which fixes the contango at about 3-16
per cent. upon the January account.

TIMES.—The price of Gold at llamburgh is 436 per
mark, which, at the English Mint price of 3/. 17s. 101 d.
per ounce for standard Gold, gives an exchange of 13.
and the exchange at Hamburgh on London at short being
13. B.:it follows that Gold is 1. 16 per cent. dearer at Ham-
ou-gh than in London.
The premium on Gold at Paris is 8% per milie, which,
at the English Mint price of 3/. 17s. 1-01 d. per ounce for
'standard Gold, gives an exchange of 23. 36. i, and the ex-
change at Paris on London at short being 25. 421, it
follows that Gold is 0. 24 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 2340 per Cent.,lit follows that the
exchange is .07 per cent. against England.
The formation in London of a Committee of Managers
and Proprietors of Joint-stock Banking Companies for the
protection of their interests in the approaching Session of
Parliament, naturally attracts some attention. It cannot
be denied that these parties have been treated unfairly by
the Government in many instances, by impeding their ac-
tion after having consented to their formation, as if they
had repented of that consent, and wished to damage them
secretly as much as they could. This was more especially
the case wherever the rights asserted by the new Banks
came into contact with those claimed under the charter by
the Bank of England, in respect of which the Government
would have been liable to the charge of the greatest injus-
tice, had a private individual, and not a corporate body,
become the object of it. The Joint-stock Banks within
the range of the Bank charter are actually precluded, as
it is understood, by law, from accepting bills at less
than six months' date, though that is a process held
indispensable to the conduct of a Bank at all, and to the
most limited functions of banking. One would imagine
that as soon as such a defect in the law was pointed out, a
short Bill would have been introduced to remedy it, but
this is not yet done, and the delay is further proof of the
ill-will secretly entertained by the Government towards the
Joint-stock Banks. Notwithstanding these impediments,
however, the system is gradually taking deep root in the
country ; new Banks are forming, and those already in
existence are extending their business to a degree which
many reflecting men look at with alarm, as leading to the
creation of a new power in the country, capable of an ap-
plication of which the parties themselves have yet formed
no notion. The power of Banks when acting together for
a common purpose, is under our observation at this time
with respect to the United States, and all appearances in-
dicate that the turn of England may come very shortly.
There was only required for such a purpose a combination
like that just adverted to ; and when it is found that the
parties have power enough fos self-protection, it will follow
that they have also enough to enable them to advance fur-
ther. For these reasons, all that is done by this Committee
of Joint-stock Banks will be, and deserves to be, carefully
watched.
Advices have been received from Monte Video, with
dates from the 30th of August to the 12th of September
inclusive. The political situation of affairs there remained
much the same. The place was still surrounded with
Rivera's troops, and the Commissioners appointed to treat
with him had returned without being able to accomplish the
object of their mission. Their report to Government bad
not, however, been made public. All vessels had been
prohibited from loading or unloading in the ports of Mal-
donado, Colonia, or Higueritas, without a special license,
those ports being occupied by Rivera's troops.
The blockade of Buenos Ayres was carried on with
more severity than before was the case. The small craft
captured in attempting to pass the French squadron were
detained, and so to continue until the blockade was raised
or war formally declared against Buenos Ayres ; in the
latter event, they were to be confiscated at once as lawful
prizes, but if the blockade came to be raised, they were to
be given up.
The Monte Videan Government had purchased and
armed a small Spanish schooner brig, and it was said that
800 men had been despatched from Buenos Ayres, headed
by one of its best officers, to assist in the defence of Py-
sandre. The merchants complained that, owing to the
extraordinary vigilance of the French cruisers, no supplies
of hides could be procured from the interior provinces of
Buenos Ayres. The exchange was 433 d. to 44d.
The present receipt of letters from Monte Video adds
one other to the proofs which have heretofore been adverted
to on various occasions of the negligent manner in which
the packet service is carried on so far as the Post-office has
to do with it. As it is a subject of severe animadversion
with merchants in the City, the facts are worthy notice,
and ought to attract attention elsewhere. By the arrival
to-day, alluded to, duplicate letters of the 30th of August
have been received, the originals of which were for-
warded by the packet to Rio Janeiro, which was not
to proceed on to England before December, so that in
this case the duplicates have come to hand long before
the originals will probably be received. The further
dates, being up to the 12th of September from Monte
Video, are thirteen days later than even the December
packet will bring. This extraordinary backwardness or
irregularity in the packet Post-office service, would be
blameable under any circumstances, but much more dur-
ing'. times of such anxiety for the mercantile classes as the
present unsettled situation of a part of the world where
those concerned have heavy interests and property at
is en d rect par-
tof
stake, liable to all the chances attendant on a state of
hostilities internal and external between
es. At such a moment early intelligence
coisnt
an
object
the greatest importance, and it stillmore discreditable
to the Post-office that their arrangements should be so glar-
ingly. defective under such circumstances as to leave the
merchants dependent on the casual arrivali of trading ves-
sels—those vessels, it may be observed, not built for
speed, but with a view to the stowage of heavy freights,
and yet notwithstanding not unfrequently outsai.i mg the
• '''packets.

POST.—The English Funds receded per cent. this
morning, a variation which seems to have been produced
chiefly by the operation of the Account, this being the day
fixed for the settlement. The decline was, however, only
temporary.
No additional fact of importance has transpired concern-
ing the fraud to which we made allusion yesterday, on the