The Sun.
London, England, 1838-03-22 00:00:00

FUNDS.

Both the British and Foreign Funds are all of them active this morn.
ing. Consols opened this morning at 93?, for the Account; closed
at 93 IA a. Exchequer Bills, 62 64; India Bonds, 64 66.
In the Foreign market Dutch Stock is the favourite speculation this
morning ; it closed at 531 541, and has reached 24 per Cent., 551 ;
Spanish 214, with Coupons ; Portuguese 30 to 4 ; Three per Cents.,
20 to 4 ; Brazilian 794 80 ; Mexican 881 ; Colombian 284 291.
We do not hear, as yet, of the arrival of the New York packets.
There is a great demand for Southampton Dock Shares at Manches-
ter and Liverpool. The price is 5 paid, and 1/. 10s. to 2/. 10s. per
Share premium.
PRICES OF STOCKS THIS
Bank Stock
per Cent. !-ted ..
3 per Cent. Cons. ......... %la
3% per Cent..........
Ditto Red
New 3% per Cent 10:%4 1
New S lice Crylt
B,uk LongAnnultlestoexi.ire
Jan. 5, 1860...
Oct. 10. t 859
Jan. 5, 1991
Jan. 5, 181st
April 5,1881 c ...... ..„, -
Jan. 5, 1870„,„.
OF FOREIGN FUNDS
Austrian Bonds .
Belgian Bonds 103% 4
Ditto Account
Brazilian Bonds ... ......

DAY AT ONE O'CLOCK.
India Stock—
Jitto Bonds
South Sca Ste, k
Old Annuities ......
New Ditto
3 per Cent. Annuities, :751_
Exch. Bills,
Ditto. 501
Date Small
Ditto Commercial
Ditto Advertised
Bank Stock for Account
Inttx Stock for Account 263
Consols fcr Acconnt ""M4
THIS DAY AT ONE O'Ci..tiCr
Perttviras Bonds ....... ............
Ditto Account ...........
t'ortugtterel; ors ..
Ditto Accost::'.
Ditto New Bonds :0
Ditto Account
Ditto, 3 per cent. VON
c'nt. sian Bonds
ltussian Bonds, 182'2. .... II I
Ditto Account
Ditto Metallic
Spanish 11.. mids
Ditto Account
Ditto Bonds. ItEtz.4 ...... 14141(,,
Ditto Account
French, a per —f. —c.
------. 4 ,er cent. —c.
per cent......, —F.
Exchange •—f.
Dutch, six, per cent 54% 5) 5
Ddto Account ..... 5.34 5
Ditto, per cent.— 1031 4 3'i 34,
Ditto Account lOl 3!4
S DAY AT ONE O'CLOCK
Paid. Per Sib re.
F.r.tern Counties Railway 5
Brig iton Railway Compmr
Loudon and Blackwall Railway
London and Southampton (New) Railway 5 24 3
London Grand Junction Railway
Northern and Eastern Hallway Company
N rth Midland Railway Company '3s 41
Asphalte... .
PRICES OF IRISH STOCKS, DUBLIN, MARCH 20.
3 per Cent. Consols 92% Grand Canal I)ebs. 6 per cent. 91%8
Ditto Reduced
per Cen-. Stock 99% Hibet nian Bank
Ditto New, 16130 .....
344 per Cent. Debentures
Royalßank Stock
Royal Canal Stock
Grand Canal Stock —
-- cent

Ditto Account
It .tenos Ayres Bonds ....,. .. —
Ditto Account —
hilltay. Bonds ..... .......
Ditto Account
Guutubtar. Bonds —
Ditto Account ... ... ....... . -
C :iumbian Bonds, I rr2s
titto Account —
I) ,ault f100d5......
Ditto Account ..... .......
t;reck Bonht...
,)Itto Rands, 1,325 ...
Ditto Accoont
Mexican Bonds, 5 per c,nt —
,)ttto Account .......
f,litto• 6 per cent
Ditto Account.... 29l' ~.,
Neapolittn . —
PhICES OF S'.IAIIES THI:

HALF-PAST ONE O'CLOCK.
Consols have been buoyant during the morning at 933 1 ; for Money,
Exchequer Bills 62
Stocks, shut. , 64 ; India Bonds, 64 ; Bank and India
In the Foreign Market, although no official information has been re-
ceived as yet of the settlement of the Dutch question with Belgium, the
Dutch Funds have continued firm at the morning's improvement, and
may be quoted at present—'l %%.O per Cents., 55. The above
rise, in all probability, is owing to their coming higher from Holland by
the Ostend mail ; but the prevailing opinion is that the Dutch affairs
will be settled in London, and not at tke Hague. Spanish Active, 2 l
; Portuguese, 30 ; Three per Cents., 20 ; Brazilian,
Colom-
bian, 284 29 ; Mexican, 28& ; and Belgian, 1037,- 104.
Little doing in Shares, which are lower, with the exception of
Asphalte, which is 121 prem. 794 ;

Consols for the Account, 923
THREE O'CLOCK.

Lieutenant-General Sir Edward Barnes, G.C.8.,
was Colonel of the 31st Foot, which regiment is at present in
India. Sir Edward Barnes was appointed Major in the late
99th Regiment in November, 1794 ; Lieutenant-Colonel in
the Army in 1800. His commission as Major-General bears
date June 4th, 1813, and he was appointed Lieutenant-Ge-
neral in May, 1825. He served on the staff in Spain and
Portugal in 1812, and commanded a brigade at the battles of
Vittoria, the Pyrenees, Nivelles, Nive, and Orthes. He also
firrved with the army in the campaign of 1815, in the Nether-
lands and France, as Adjutant-General, and was severely
wounded in the battle of Waterloo. In October, 1816, be
was appointed Colonel of the 99th Foot, and in October,
1834, of the 31st Regiment. For his services, Sir Edward was
appointed a G. C. 8., and was also a Knight of the Austrian
Order of Maria Theresa, and of the first class of St. Anne of
Russia. He was Governor of Ceylon in 1819.

THE SUN, LONDON, TITURSDA:i7, MARC!! 22, 1838.

MONEY auci COMMERCIAL MARKET.

. i,,rsday.)
(From the Mottling Pape t,t of till« day. ..-- ' -
TIMES -A statement hag been reCeiteti Ut Ilit., s_,,ort-glition os
the New Orleatis bdtits; Made Up to the 23d of Detelifiet
last, which contains softie points Worthy of notice: The no-
minal captal of the whole of the bank, sNteen in number,
is stated at 51;000,000 dollars, of which nearly 4d,W0,000
was actually paid Up. Ot ttris the enormous amount of more
than one half, or 20,000,000 dollar% !S. held in Europe, short
of 7,000,000 dollars in different States of the titNr!,and ra-
ther more than 12,000,000 dollars in New Orleans City L'ild
State. The total liabilities arc put down at 27,800,000 dollars,
and the assets at 72,700,000 dollars, into which specie enters
for 2,729,000 dollars only. The note circulation was 7,500,000
dollars. In looking to the items of which the assets arc made
up, it appears, however, that upwards cf 43,000,000 dollars
consist of " loans on bills and promissory notes and moat-
gages," nearly 2,500,000 dollars in " loans on pledge of
stock," nearly 5,600,000 dollars in " loans on stocks of
property banks, as required by their charter." The un-
certainty in the state of mercantile affairs must necessa-
rily affect the value of all this property, whether real or
commercial, and it is most likely that considerable losses
will occur in its realization. In the liabilities also there
are included certain amounts for which the banks, or indivi-
duals indebted, may be perfectly responsible in the long run,
but their position with respect to which can hardly be quite
agreeable to Mr. Biddle's Bank. One of these is for
2,000,000 dollars, payable by half-yearly instalments by the
Gas Bank to the United States Bank for the " purchase of
the portfolio of the late bank of the United States"—that
is, the purchase of " bills receivable," when the Charter
of the United States Bank expired as bank of the
Union. The next liability is of much greater magni-
tude, being a rum of 7,000,000 dollars due by the Mer-
chants' Bank to the late " United States Bank and
agencies." In this amount bills receivable in train of
collection, and protested bills of exchange, enter for above
3,440,000 dollars, the protested paper being to the amount of
1,000,000 dollars and above, and notes on hand of the late
United States Bank for 1,180,000d5. The Merchants'bank, it
must be observed, is the agency or corresponding bank in New
Orleans of Mr. Biddle's bank. On a late occasion it will be
remembered that, in answer to some remarks on the very con.
siderable sum, no less than 38,000,000 dollars, said to be due
from "other banks," in the statement of its affairs lately put
forth by the United States Bank, it was answered on behalf of,
if not absolutely by parties for that Bank here, that all that im-
mense sum represented merely balances due from its own
branches, and was therefore the same as actual value
existing in the cash-chest of the United States Bank. le
was then shown by the example of the " branches" of the
Northern and Central Bank of Manchester, that such a
conclusion did not necessarily follow. Here, however, there
is proof sufficiently positive in America that the debts due
from the branches or agencies are by no menus of that solvent
description which it was wished to be inferred. For it will be
understood that the Merchants' Bank is not itself actually re-
sponsible for the " Protested Bills" now on hand, nor for any
bad d :bts which may be contracted in the way of discounts.
It is the holder of a large amount of United States Bank-
notes to be employed for the account and profit of its principal,
in loans and discounts, simply as a matter of agency. ,

MORNING POST.—A new banking concern, to be entitled
the Brasilio- Anglican Joint Stock Bank, has been some time
under consideration, and as the Money Market is just now in
a tolerably favourable state for the introduction of tridertak-
ings of this nature, it is beginning to excite a good deal of at-
tention. The promoters of the project propose raising a ca-
pital of a million sterling, to be divided into shares of 201.
each, one-half to be lodged in Brazil, the other in England and
the Continental cities. The object of this establishment is, as
we are informed, principally that of facilitating the Exchange
operations carried on between the Brazils and Europe, which
are extensive—probably not less than four or five millions
sterling annually, including the business of the Continent and
North America, generally done through the intervention of
England. It is anticipated, however, that the advantages to
be expected from the proposed institution will be found chiefly
in the Brazils. No Bank exists there at present, and there will
consequently be no local competition to encounter. It is in-
tended to limit the first instalment to 21. per share, which will,
it is conceived, be sufficient to cover the expense of obtaining
the necessary grant from the Brazilian;Government and the Act
of Incorporation in England. Some high names have been
mentioned to us in connection with this embryo Association,
and from all we can hear concerning it there is a probability
of its being well supported.

MORNING CHRONICLE.—Shares generally were very flat,
and rather a material depression occurred in some of them.
It was alton•ether a languid day at the Stock Exchange, and this
seems to be the only cause of the fall. Birmingham, old, re-
ceded to 83 prem. ; ditto, new, 261 to 27} ; Southampton,
431 to 441 prem. ; ditto, new, 191 to 201 prem. ; Brighton,
01 to fi prem. ; Blackwall, 3 to t, prem. ; Leeds and Manches-
ter, 17 to 19 prem. ; Manchester and Birmingham, 31- to
prem. ; North Midand, 51 to 61 prem. ; Birmingham and
Derby, 2to 1 dis. ; Croydon, l to 1 dis. ; ditto, new, 6to 7
prem. ; Greenwich, 3to 2 dis. The shares of the Asphalte
Mastic Company were again a good deal dealt in, and main-
tained their price well, amidst the general gloom, being last
marked at 7 to 8 prem.
Dutch securities have been very heavy all the day, and have
receded ,) per cent. since yesterday, the purchases on account
of the King of Holland having ceased, and the stocks again
left to the estimation of the public, who, at last, we are in-
formed, are beginning to make inquiries on the subject, and
to investigate the matter. The Five per Cents. left off at
1031 to 4, and the Two-and-a- Half per Cents. at 53; to 5.4.
Spanish Active Stock is a little higher, and an impression is
very general in the City, that the result of a political negotia-
tion in reference to the settlement of the Spanish question
will be made known in a few days.

MORNING HERALD. —lt appears by the commercial letters
which have been received from Liverpool and other outports,
that the determination of the Bank direction to export bullion
as a source of profit to the United States, has created great
hope and expectancy that this new operation will benefit the
commerce of this country considerably. It, however, remains
to be seen, as we have said before, how this or any forced sys-
tem of trade can benefit a commercial and manufacturing com-
munity, whilst the experience of our men of business has
taught them that at all times a natural and steady trade is pre-
ferable, as regards the prosperity of the country, to one founded
on the wild impulses of speculation, such as that between this
country and the United States in 1835-1836, of which too
many of our mercantile men have too bitter a memory, and
for which the Bank of England direction of that time had
for.
much to answer
_

The impression amongst our men of business respecting the
exportation of gold to the United States, by the Bank direc-
tion on their own account, amounts to this.--viz., the Directors
had discovered that it was temporarily profitable to expont
bullion to America, and that many merchants had com-
menced the operation, and feeling, as in duty bound, that a
dividend mint by some means or other be cobbled up, for
their proprietary next October, they have resolved to follow
their example. We believe that if the commercial aspects of
the country do not suddenly change, little harm may be an-
icipited by this new operation, against which there is no
proviso - in their charter ; at the same time there are strong
opinions against the measure. In fact, had any of the
joint.
stock banks in Scotland, the country, or London,
stepped out of the usual course of their banking business,
to make such operations, we, as well as many other parties,
can well imagine the outcry that would have been raised in
parlour against such an innovation of banking prin-
the bank
ciples.
The determination of the House of Commons' to permit
Colonel Seale to introduce a Bill into Parliament to sanction
the manutocof foreign wheat into bread stuffs, has created
great deal of attention here to-day, and of course has been
‘ vli(%ved by men of experience, not of the modern school of po-
litical
economy, as a very dangerous experiment, inasmuch as
the project is not calculated to give any extension of employ-
ment to British shipping, whilst, if carried, it may tend to
cmb,r -ass the Bank of England as new dealers in bullion, par-
ticularly if it should, as it most certainly is expected, give a
new stimulus to the importation of foreign corn.
A stronger impression has prevailed here to-day, than even
during the course of yesterday, that the question of Luxem-
burg, which has so long agitated the Netherlands and Bel-
gian Cabinets, has been finally arranged ; in consequence,
as our remarks upon the state of the foreign market will show,
the value of Dutch Securities, about which so much ridicu-
lous twaddle has appeared in one or two of Contemporaries,
has improved. It seems, however, that the bona fide holders
of Dutch stock have not yet been frightened out of their pro-
priety by the bearishness of these contemporaneous remarks.
We find that money for commercial purposes continues to
be more in demand, and that it obtains a better rate of interest
in the commercial money market, of whirls the fall in most of
the share schemes is some indication.