The Sun.
London, England, 1825-12-19 00:00:00

THE FUNDS.

Consols—Saturday closed
After the Market - - 802
. -80 P

his morning opene

Although the ruts on London Bankers might
be said to have ceased generally, on Saturday,
the Money Market continued to be greatly agi-
tated by the heilvy orders for sale of,-Stock, and
successive applications for supplies, from Country
Correspondents. In the different Funds open
for transfers, sacrifices wr.e made, with a
decision that manifested a determination to
procure Bank Notes without regard to loss.
For these, when obtained, gold and., notes
of small amount were demanded at the Bank,
which was a scene of bustle and confusion
until much beyond the usual hour of closing bu-
siness. The amount of small notes required (fives
and tens) was so unprecedented, that it became
impracticable to complete the business of the day
until a very late hour. In Consols, which closed
at 812, there were considerable transactions after
the Market closed. Bargains were effected as
low as 802 for Account.
The advices from the country this morning
were favourable, for although announcing the
stoppage of an important Banking concern St
Birmingham, the alarm appears to have subsided
in most parts of the country. This may, how-
ever, be ascribed rather to the general expression
of confidence, by leading individuals, than to any
actual alteration, either in the state of the money
market, or of the Banks to whom the sup-
port of public opinion is thus given. In
several towns of the Northern Manufacturing
Districts, the principal inhabitants have publicly
announced an entire confidence in the solvency of
their Banks. Such a declaration must naturally
tend to abate the apprehensions of a populous
district ; but unless pecuniary relief shall very
quickly follow, there can be no well-founded
hope of the speedy restoration of that confidence
which may prevent a recurrence of similar dis.
asters. It is notorious that, in the very towns
where such public declarations of confidence have
been made, the pecuniary pressure conti-
nues to operate without the slightest alleviation.
The Country Banker dare not venture to afford
accommodation—not even by discounting short I
dated paper for his own notes, and thus the ma-
nufacturer becotnes incapable of paying the weekly
wages of labour. And this embarrassment must
continue, until a circulation of paper can again
be hazarded—for so long as individuals pos-
sess an unlimited power of issuing One and
two-pound notes, Gold will never be suffered to
circulate within the sphere of influence exercised
by Country Banks. It is the very principle
of a Country Bank, that its own notes should
supersede every other species of circulation.
Nothing could more certainly conduce to the
re-establishment of confidence, than the resump-
tion of payment, by Firms, whose means are
said to be so ample, that nothing but
the operation of public panic could have
produced a temporary inability to meet an ex-
tent of sudden demand so unexpected. It is
seldom that the failure of a respectable, and a
reputed wealthy firm, is announced without
an accompanying hope of resuming payment—
with a positive assurance of solvency, and
even large surplus. Of a resumption of pay-
went, where credit has been once so deeply
wounded, hope cannot reasonably be indulged ;
and if business be resumed, it must thence-
forward be conducted under the disadvanta-
geous recollection of what has happened—which
in the Money Market, assuredly will never be
forgotten. Glass broken may be united by cement,
but the fracture will ever be indelible.
The advance of interest on Exchequer Bills to
Imo pence per diem, was announced this morn.
lng, notwithstanding which Bills of 1,0001. have
been sold at a discount of 78t.! This fact renders
any remark on the state of the Money-Market
superfluous. Never has the scarcity of Money
been greater. Consols have fluctuated from 804
to 81k, and down to 79k—the latest quo-
tation is 80 for Account. For Money, sales
have been made in reduced at sacrificing
prices, 761, it is said ; but it is difficult
to come at a knowledge of the fact during the
heat of the market.

The Earl of CIIATITAM'S leave of absence `rill
shortly expire, when the Noble Lord returns to his station at
Gibraltar.
Letters from the Cape of Good Hope to the
Ifith October, were received on Saturday by his Majesty's ship
Espiegie. No doubt existed that Lord CHARLES SOMERSET
was about to proceed to England, as cabins had been ordered to
be fitted up for him and his family on board of his Majesty's
ship Ariadne. The cause of Mr. WunErtroncE BIRD'S
recall is said to be a suspicion of having sold prize-slaves in the
transfer of the Contreberg estate. The case had been investi-
gated by the Commissioners of Inquiry. Mr. WniTEroo RD,
the aide-de-camp, who was present during the investigation by
the Commissioners of the horse case, has quitted the colony, it
is said, not much in the Governor's interest. In point of trade,
the Cape of Good Hope is described, in one of the letters, as
sinking into a very melancholy state, and that men of property
were withdrawing their capitals from employment in it.—
( Times.)