The Sun.
London, England, 1838-04-06 00:00:00

MONEY and COMMERCIAL MARKET

(From the Morning Papers of this day, Friday.)
MORNING CHRONICLE.—Every thing continues to look cheerful in the
English Stock Market, and Consols advanced a little in the early part of
the day, but closed the same as yesterday--namely, 931 to for money
and the 10th instant, and 93} to if for the May account. Exchequer
Bills have fallen one shilling in the premium, and were last marked at
631. to 655. premium.

There has been but little doing to-day in the Share Market generally,
and some of the railway undertakings have receded slghtly in their
quotations. Birmingham, old, left off at 87 to 89 prem. ; ditto new,
26i to 27i prem.; Southampton, 451 to 461 per share; ditto new,
21-ir to 22i prem.; Great Western, 25k to 264 mein. ; Manchester and
Birmingham, 2; to 3* prem. ; Leeds and Manchester, 16 to 18 prem. ;
Birmingham and Derby, 3i to 94 dis. ; Brighton, 2 to a prem. ; Black-
wall, 2to prem. ; Croydon, 3 to 2 dis. ; ditto new, 4 to 5 prem. ;
Greenwich, 4 to 3 dis. ; North Midland, 6 to 7 prem. ; and Eastern
Counties, par to prem. British Iron Shares have advancedl a little,
and closed at 14 to 15 per share. The last price of the Asphalte de
Seyssel Shares was 134 to 14k prem.
Mexican securities advanced 4 per cent , in consequence of a report
circulated by certain persons, that the Legislature bad approved of the
amendments made in the decree in reference to the conversion of the
debt, but we cannot learn that there was any authority for the state-
ment. The last price was 27; to ; Spanish Active left off at 21 g
to a, or 201 to 21A ex Coupons ; Portuguese Five per Cents,, 30k to 81;
ditto Three per Cents., 20,1 to 21 ; Dale!' securities advanced about
per cent, in the morning, but receded again towards the close of busi.
ness, and closed at 99* to k for the Five per Cents, and 53; to 54 for
the Two-and-Half per Cents. Belgian left off at 103* to ; ; Colombian,
284 to ; ; Peruvian, 20k to 21i : and Brazilian, 76 to 77.
Another letter from " A Friend to Mexico" appears as an advertise.
ment in the Times of this day, in reference to our remarks upon the
conversion of the Mexican debt. It does not, however, in any way inva-
lidate our allegations, and is merely the angry ebullition of some disap.
pointed individual. We again repeat, that until the Government of Mexico
ratifies the alterations and amendments made in the decree by the meeting
of bondholders, the bonds issued under this arrangement are mere Waste
paper. Don Augustin Iturbide had no authority whatever to sanction
any change being made In the decree. We will tell all we know, if this
system of advertising unsupported contradictions is continued, and let
the world into the secrets of the new loan which " A Friend to Mex.
ico" denies was ever contemplated. We fear we have been too much
received in the business. " A Friend bo Mexico" says, in allusion to
us, " His motives for this are too well known, and the other motives
which have animated him throughout are also well known, and shall be
made public in due time." Our motives cannot be mistaken. We at
once saw through a most scandalous scheme to deceive and obtain Rio-
ney from the public, and our object has therefore been to expose the
business, and prevent the bondholders being duped ; these are our mo.
tives. To show, however, how little " A Friend to Mexico" knows
about us, it is merely necessary to mention that this very stupid person
calls us a " vender of oranges." We will not, however, say anything
more about this letter at present, as there is a packet in fr..m Mexico,
which may put us in possession of further information ; but in the
mean tame we strongly advise " A Friend to Mexico" not to say too
much about certain individuals, in connection with the panic of last
year ; for he will force us to tell what we know on this subject also,

TIMES.—The appearance of the Stock-market did not undergo any
particular change to-day. Consols left off at 931 to for Money and
Account. Bank Stock was a shade better, being 209} to 2101, and In-
dia Stock 266 to 7 for the opening. Exchequer-bills, 645. to 665.; In-
dia Bonds, 70s. premium.
Dutch Bonds improved to-day—the Two.and.a.Half per Cents, to
53% te 4 ; the Fire per Cents., 991 to Spanish Active, after an
advance to 21; to 2, closed at 21 % to 1. Portuguese Five per Cents.
were 3014 to 1 ; the 'three Tier Cents. 20 }ti to 1. Mexican were rather
better, the closing quotation being 27 % to 81 ; Colombian, g4i to %;
Brazilian, 78 to 7.
The market for railway shares was rather heavy. Manchester and
Birmingham declined to 2 % to 31 ; Southampton New, to 211 to 14
premium ; Brighton were 2 to 1 ; Blackwell, 2 to 1; Great Western,
2514 to Gi ; North Midland, 6 to 7; Eastern Counties, par to 1 pre-
mium ; Claridge's Patent Asphalte, 131 to 141,4 premium ; British
Iron, 14 to 15 per share.
The Mexican packet Hope, brings letters and papers from the city of
Mexico to the Ist, from Vera Cruz to the Gth, and from Tampico to the
10th of February. The aspect of commercial affairs was improving,
and business, particularly in Tampico, had been remarkably brisk.
Within a short time previous to the sailing of the packet a ceneider-
able number of traders from the interior had arrived at that port, and
made purchases to the amount of 500,000 dollars. The packet is re-
ported to bring about 800,000 dollars in bars and specie. Along with
the documents relating to the conversion of the debt operated here some
time since, the President had sent a message to the Congress explana_
tory of the details and of the progress of the negotiation. From this it
appears, that on the 4th of November last he had fully confirmed the
powers of the Envoy its London, along -with the Minister of Finance,
for effecting the arrangement concluded. He states that with re-
spect to some of the particulars of the plan originally proposed
by the Government, alluding to the allotment of lands in
payment of the large arrears of dividends over due, ob.
jections had been started, attributable to certain parties in this
country interested in certain grants of land in Texas, or connected with
the insurgent Government of that Province. He concludes by approv.
in g the change which had been made by the official agents here in the
Government plan to meet the suggestions of the bondholders, and re-
commends the speedy ratification of the agreement to Congress. A
Committee was named by that body to take the matter into considera-
tion, who had reported their opinion in favour of its ratification.
The following letter has been addressed by the Mexican Minister of
Finance to the house in London, which has undertaken the conversion
of the English debt :
" I have received and laid before his Excellency the President your
letter of the 14th of last November, wherein you inform me of having
delivered in bonds of the New Five per Cent. consolidated Fund to the
amount of 357,1501. sterling, as also the equal amount of those of the
deferred stock, receiving in exchange their equivalent value in old bonds
of the Five and Six per Cent. loan, which, in conformity with the ar.
rangements made with the Committee of Mexican bondholders, you have
deposited with the Bank of England.
" By command of his Excellency the President, I have already in.
formed you (in my letter of the 29th of December, a duplicate of which
is annexed) that the Government not having the power to ratify and
confirm the amendments made in the decree of the 12th of April, 1837,
by the arrangement entered into with the bondholders on the 15th of
September last, intended to solicit the requisite authority from Congress
for that purpose.
" In pursuance thereof, the Government, after having consulted with
the Council, sent a message to the Legislature on the 10th of the pre.
sent month of January, and laying at the same time before the House
all time particulars relating to this important business, requesting to be
ful), empowered to confirm and ratify the alterations made in the origi.
nal decree, and introducing a short Bill, which was immediately referred
to the Finance Committee of the Chamber of Deputies.
" The Committee has already reported in favour of the measure, and
recommended the Chamber to pass the Bill, and it may be expected
that the House will adopt the recommendation of their Committee, of
which I shall immediately inform yon, and likewise his Excellency the
Minister Plenipotentiary to the British Court for his Government in
this weighty and important affair, which so intimately concerns the
good name and opinion of this Republic, and the interests of its stock-
holders.

" And the President further desires me to manifest unto you his
earnest expectations that you will continue to give your cordial and
zealous cooperation for the complete fulfilment of this important trans-
action with the same efficacy and patriotism which have hitherto dis-
tinguished you. Receiving the assurance of my particular esteem, I
salute you.
" BOCANEC;RA."
Letters have been received from Lima to the 4th of January, and
from Valparaiso to the 29th of December. There was a great outcry in
Chili against Blanco and Irisarri, who had concluded the convention
of Arequipa with Santa Cruz. They were publicly branded as traitors
and cowards. Another expedition was talked of against Peru, which
the President Prieto had offered to command in person. The letters
front Lima express the belief that this new expedition would not be pro-
ceeded with, and that the disputes between Chili and Peru will be set.
tied under the mediation of Great Britain.

MORNING{ POST.—The English Securities advanced a fraction to-day,
and the Spanish and Portuguese Funds were also rather more favour.
ably quoted, but the transactions continue very limited in both Markets.
Nothing positive has yet transpired with respect to the revenue; it
seems to be the opinion of many well-informed persons, however, that
the quarter's accounts, which are to be made up this evening, will turn
out to be less discouraging than the public have been led to believe, and
it is probably owing to some intimation to this effect from the west-end
of the town that the improvement in the Stock Markets is to be attri.
buted. Consols left off at 03% to for Money and for the Account,
Exchequer Bill 4 were quoted 645. to 665. prem. ; Bank Stock for the
opening 2004 to 210; Active Spanish Bonds, including the arrear
of dividends, 214 to 21i ; Five per Cent. Portuguese, 003 to 301
Three per Cent, ditto, 204 to 20/ ; Columbian, 084 to 28i; Five
per Cent. Dutch, 994 to 994, and Two.and.a. Half per Cent.
ditto 54 to 6. The Mexican packet Hope has arrived with advice* from
the city of Mexico to the 31st of January, but as they communicate no.
thing of importance, they have had little or no influence on the Market
for the Bonds. The quotation remains stationary at 274 to 28, It
was expected that the decision of the Mexican Legislature concerning
the proposed conversion of these interests might have come to hand by
the present arrival, but nothing seems to have been made known upon
the subject. An early arrangement is greatly to be desired, as the most
discreditable attempts are made from day to day through Ow agency of
the Press by the bears on the one hand, and the bulls on the other, to
mislead the public with regard to this matter. The Stock Exchange
puffing system has become so barefaced of late, that individuals cannot
be too much on their guard. That the proceedings at the City of Lon-
don Tavern last autumn were conducted in anything but a spirit of im.
partiality, we are perfectly ready to admit, and wo expressed our disap.
probation of them at the time; but many of the bondholders who at.
tended the meeting were evidently impressed with the idea that the con.
venion would be a beneficial measure, and it was the fault of those who
were disposed to resist it that they did not attend in sufficient numbers
to give etnct to their opposition. We see no ground whatever for mak.
ing scurrilous attacks on the respectable house charged with the exe-
cution of the scheme. These gentlemen have, there is no doubt, acted
fully up to the instructions received by them from the Mexican
authorities.

Moarrixa HERALD.—It is now pretty well understood amongst the
monetary circles that the speculation of sending bullion to the United
States has failed, as we predicted, in c ,nsequence of the advance in the
exchanges in that republic upon this country, and the reduction of the
premium upon silver and gold. The Bank of England direction have
therefore, determined, as we understand, not to forward the amount of
bullion to the United States which they contemplated some three weeks
past. We believe that they have not shipped more than one.fourth part
of the sum they intended—say 500,0001, and that they have paid for.
felt-freight for that which now could not be sent without a serious loss.
In this matter the Bank direction are considered to be perfectly cor-
rect, inasmuch as it is held that it would be inconsistent with their duty
to their proprietary
Untied attem
States pt to compete with the wild schemos of
Mr. Biddle, ofßank, who seems, if it may be judged
from his late transactions, to have adopted the ilbitlidtous and dangerous
character of merchant, or general dealer and hanker,
There has been but very little altefation in tire character of the
Money Market to-day ; the British Funds continue fully to maintain
the quotations
of last evening, and there have been a few investments
madeunt in the htheeaThrec-and-vier securities. Consols left offal 934 a Money and
° ; a-llalf per Reduced are
for the opening, and the New Cents. Three.and-a-Half per Annuities Cents. 1101 ii a a
; Bank S:ock is 210 for the opening The premium upon
Exchequer Bills is 04 a 66 ; and India Bonds, marked for renewal, are
70 premium
The foreign Market has been rather dull, but there has not been any
and h
quotatioi:s of any moment. Dutch Stock closed at 53Z,
tilvwes are 991 a 4 ; Portuguese Old Five
01),per Vent. Bonds are
per Cents. are 30i a 4 and the Three per Cents. ditto
thet atei
ldii
New
F Five
There are 20/ a 4. ere has not heen anything new in the accounts froll
Mexico at ail Ca16U17410(1 to improve the character of the securities of
that liGpUhiiQ, and the holders are beginning to become extremely
anxious that some speedy adjustment of ttic, debts of that Republic
should be finally arranged, bragilian Bonds are 76i, Colombian are
qq, and MIRICaII sit Ptr Cents. 28 ; Belgian Bonds
are 103 j a I, and
Frtineh Three per Cents, are 811, with the Exchange at 25f. 50e1
The Share Market has been very flat all day,
iwcl tVaussictiwa
scarcely require potation, British, Iruq pr; ,'A3.4 tbs. ; Asphalte
.)4nY's Shares are 1,1 prem. • i tpitioniai Batik are 1 prem ; London and
WntillipAg aio 1 ; and London Joint Stock par to

Nearly two hundred individuial4, is said, have
agreed to emigrate from Oimptkelisig:n, near Nairn, and its
?AIWA, Wales.--Aberdeen