The Sun.
London, England, 1838-10-09 00:00:00

Ivi"NFY ANn Y N WS.

I iiE MOltNi.Nt_. PAPERS or Tills DAY.)
't IME S.—An account recently appeared in the Paris
Papers of the ships respectively captured and sequestered by the
French and Mexicans, which erroneously stated that two
French vessels had been made prizes of by the Mexicans. In
letters from Bordeaux, of the 2d inst., received in the City,
the Jean Henri, one of those alluded to, is advised of as having
indeed actually arrived at San Bias, on the Pacific side of
Mexico; but immediately on her appearacce, an officer was
sent on board by the Commander of the port with a polite in-
timation that she must forthwith take her departure. It was
aided, that the warning was given according to express orders
from the Mexican Government in regard to all vessels arriving
which had sailed from other ports, where the blockade could
not have been known. The Jean Henri was bound in the
first instance to Valparaiso, and, having discharged part of her
cargo, thence to San Blas. On receipt of the notice, the
French Captain immediately set sail without communicating
with his consignees on shore. This considerate conduct on
the part of the Mexican Government contrasts advantageously
with that pursued by the French squadron under similar cir-
cumstances.

The proceedings generally at the meeting of the Directors
of the Citizens' Bank at New Orleans, incidentally alluded
to on Friday, appear, upon examination, to be worthy of
snore special notice, as highly creditable to the sagacity and
intelligence with which the affairs of that institution were con-
ducted. In the first place a full vote of approval was passed
of the course pursued by their representative at the Board of
Presidents of all the banks, where he strenuously repudiated
the proposition for acting only in subservience to the dictates
of Mr. Biddle, and with paid-up capitals and accumulations
at command of about 50,000,000 dollars, soliciting at his
hands the " remedial measure" of a general currency. The
Directors of the Citizens' Bank declared their opinion that the
" extraordinary derangement" in the domestic exchanges was
the " natural consequence" of the suspension of specie payments,
a derangement which it is evident could not fail to follow when
the legal standard of value had been tampered with, or had
disappeared, and paper signs of it had themselves been so arbi.
trarily substituted, creating a confusion of as many hundred
different standards and values throughout the country as there
wore banks issuing notes. It was conclusively remarked, that
" were the trade suddenly deprived of its standard of measures
and weights the same derangement would exist in the ex-
cliange of commodities." The only safe regulation for do-
mestic exchanges must consist in a general resumption of
specie payments, by which paper convertible would really
come to represent the value of which nominally only it was a
token, and the rate of exchange would then fulfil its proper
object, and no more, as exhibiting merely the cost or facilities
of transmission of the precious metals from place to place.

CH RONIC L E.—There is nothing new to comment upon
in reference to the English Stock Market, as business conti-
nues limited, and the prices are the same as on Saturday,
namely, Consols for money, 94 to and 94k tom for the ac-
count. Exchequer Bills, 69 to 71 prem. ; India Bonds, 68
to 70 prem. ; and India Stock, 263 to 264.

Spanish Securities have been heavy throughout the day, and
the operations in them have not been extensive. In the other
Foreign Stocks there was no alteration.
The question of a new Spanish Loan absorbs great atten-
tion at the present moment amongst the frequenters of the
Stock Exchange and others interested in Spanish Securities.
The late sudden advance in the value of Spanish Stocks has
naturally given rise to various conjectures on the sub-
ject, as well as to the impression, which is general,
that whatever may be under consideration it will
'2e immediately made known and brought before
the We have hitherto refrained from giving pub-
licity to any of the rumours of a financial nature, as we could
not trace them to an authentic source; but one or two pro.
jects are now spoken of amongst the leading monetary cir-
cles as having been submitted to the Government. That
the Spanish Government is most desirous of procuring a
large loan there can be no doubt, at this very critical mo-
ment as regards military operations; but the difficulty of de-
ciding upon any plan by which the foreign creditors would
be fully sltisfied, while Spain at the same time would pro-
cure the necessary funds for carrying on her affairs and
giving energy to the army, has as yet occasioned all the
c.4fforent propositions to be laid aside. There can be no
doubt, therefore, that, be the present arrangement what
it may, it will be based upon ample justice being done
to the holders of the existing debt of Spain, fur no other
plan could be for a moment listened to, or have the
slightest chance of meetinc, with success. The offer
now said to be under consideration is stated to be from
English and French capitalists combined, and that the
loan is to be for 1 0,000,0001. , contracted for at 52/. This, it
is stated, is to be paid by 271. 10s. cash, 11/. 10s. in coupons,
and the remaining 131. in proportions of Active, Deferred,
and Passive stocks. It is, moreover, declared that the inte-
rest upon the new stock is to be guaranteed by the contractors
for three years, and the whole advances to be made to Spain
upon the security of the different quicksilver mines and her
various colonies. Such, it is said, are the outlines of the new
plan ; but whether it is in conjunction with an offer recently
made to the Spanish Government to purchase or rent the
Philippine Islands, we have not heard. This proposal was
also forwarded from this country, and 10,000,000/. was offered
for the purchase, or a large sum for the loan of them for 100
years. The Government then, we know, declined the pro-
position, as they could not entertain the question of selling
any portion of the transmarine possessions of Spain ; but as
circumstances alter cases, this project may again be under
consideration in connection with the new loan. The
possession of these islands has long been looked for with
much anxiety by persons connected with the Chinese trade ;
and as the revenues arising from them to Spain does not exceed
60,000/. per annum, it was always thought the Spanish Go-
vernment would treat upon the subject ; but the difficulty has
hitherto been to form a company sufficiently powerful to under-
take the business. If the reports in reference to the loan be
correct, it is extremely cut ious to observe that the list of con-
tractors or persons deeply interested should be composed of
Cal lists as well as Christinos ; and at first sight such an event
would appear almost impossible ; but it would seem that there
has been a perfect rupture between Don Carlos and the parties
in this country who recently advanced him money ; for we
hive heard of one gentleman who has had 12,0001. returned to
him in cash, which he had advanced to Don Carlos ; and it is
not to be supposed that the Carlists have such a superabun-
dvnce of ready money that they would remit such an amount
unless there was more than common cause for so doing.

HERALD.—The account of the calamitous fire at Liver-
pool on Friday evening last has created much excitement and
anxiety amongst our commercial men, particularly those con-
nected with that important town. But at present we cannot
glean any information respecting it, beyond that which has
already appeared in this journal.
The advices from Lancashire and other portions of the cot-
ton manufacturing districts, up to the close of the last week,
state that considerable gloom continues to prevail in the ge-
neral buy nesa of those important sections of our manufac-
turing power, which is said to have arisen chiefly out of the
contraction of money accommodation by the banks which
has prevailed for the past two months. There is but little
doubt that a vivid recollection of the disasters of 1836-
37, which arose out of an undue and most indiscriminate
extension of credit to the American merchants, or in other
words, permitting them to trade upon British capital almost
without limitation, has led to the pressure to which we have
referred--a 1 ressure which we understand is and has been most
severely felt, whilst the existing circumstances of the country
seem scarcely to warrant this limitation of credit; a restriction
which is pregnant with serious consequences, both to the ma-
nufacturers themselves and the thousands to whom they dis-
pense employment. One of the consequences of the late con-
traction of money accommodation on the part of the Banks
has been to create an extreme degree of caution on the part
of the exporters of yarns, who, of course, under such circum-
stances, would not attempt to hold large stocks for the sup-
ply of the continental manufacturers, therefore, the stock of
yarns in the hands of the spinners has rapidly accumulated,
which aas led to considerable sales at a great sacrifice ; at the
same time it must be admitted that the great increasa which
has taken place during the past three years in the application
of mechanical power to spinning cotton yarns, is operating very
seriously upon the interests of the spinners, as it has tended
to multiply the stocks so rapidly that the merchants and dealers
could not take them off in the same ratio, and pay remunerat-
ing prices.
The transactions in the British Funds continue to be car-
ried on on a very limited scale, and the quotations of Satur-
day have been but barely maintained. Consols closed at 94 a
for Money, and at 94e buyers for the present Account ; the
New Three-and-a- Half per Cents. are 1021 a for Money ;
the premium upon Exchequer Bills is rather better to-day,
having advanced to 69 a 71.
There has been but very little speculation in the Foreign
Market, and Spanish Bonds have left off heavily, money still
being worth about 4 per cent, in that Market ; Spanish
Bonds, with the May Coupons, are 18'i a and without, 17 y ;
those with the May Dividends are quoted at 15a ; Passive are
; and Deferred 7e aa ; Brazilian Bonds are 79a a '2 •
Danish Bonds are 75 ; Dutch Two-and-a-Half per Cent4s.,
54- ; and the Old Five per Cents. 100. a a
There has not been any activity in the Share Market.
Great Western are 14 pm. ; Blackwell are 2 dis. ; Birming-
ham are 83 a 84 pm. ; and Croydon New Scrip VI pm-
French Patent Coal are -1- a -as pm. British North American
Bank Shares are 2e pm., and National Bank of Ireland 1 a
dis.

It is contemplated to extend the Deptford and Rotherhithe
Railway, in cons..quence of the improvement which that un-
dertaking has created in that neighbourhood.

POST.—The news obtained from the Peninsula this morn-
ing, through the medium of the Paris Journals, caused a de-
cline of -14- to 4 per cent. in the value of Spanish Bonds ; but
there was no variation of consequence in any other description
of foreign stock. The apprehension openly expressed by the
Christino Generals—Aldama, at :Madrid, and De Meer, at
_Barcelona—of offensive operations on the part of the Carlists
being shortly commenced, is a new and important feature in
the progress of the war, and it is not surprising that such intel-
ligence should have given the market another shake.

PO RCEL A I N.—Mr. Richardson, of the British
Museum, in lecturing on geology last week at Brighton, ob-
served that it was a fact not generally known, that the name
applied by the continental nations to an elegant article of do-
mestic use, China, is derived from the beautifully coloured
shell termed the cyprcea, or cowrie, which in Latin and Ita-
lian bears the name of porcellana, and in French of porcelarne.
In England the article termed " China" from the country
which is famed for its manufacture;. but other European na-
tions bestow on it the appellation of this lovely shell, whose
_
picturesque and varied markings it seems in some TO
measure
imitate.