The Sun.
London, England, 1838-01-01 00:00:00

MONEY MARKET.

(From the morning
On Saturday, until near the close of business, the appearance of the
English Stock Market was animated, and it ,seemed as If the year would
.
terminate cheerfully, but some sales of money stock were then effected,
which gave rise to various rumours both as reds Canada as well as
I.olland, which afterwards proved unfounded, or, at least, could net he
traced to any authentic source, and a fall of I per cent, occurred in
Consols, the quotation at the termination being 92 to P 24, after
having been 921 in the morning. Exchequer hills remain at 445. to
465. prem. ; India Bonds, 23a. to 275. prem.; and rank Stock 204
to 905.
Foreign Sacurities were all more or less influenced by the stale of
Consols, especially those of high price, and left off heavy—Dutch 1:a/
per Cents, at 1001 to % ; ditto Two-and-a-lialf per Cents, 53!4 to I e
Belgian 100 to 101; Danish, 72 to 73 ; Braellian, 73 % to 74 }a ;
Portuguese Five per Cents. 291 to 30 ; ditto Three per Cents., 191# to
; Mexican, 26 to j, ; and Colombian, 231 to 24. Spantsb Semi•
ties maintained themselves fully, but this is attributable chiefly to a
feeling i: very general, and we believe well founded, that some
arrangement ia 0n tt. lapis in respect to the debt of Spain. The Active
left oft' 191 to', or' 10. 10 'A ex coupons; Deferred, 7 to # ; and Pas.
sive, 4 S# to %.
so buoyant in the early part of the
The Share Market, which ICAO
day, partook of the general gloom ist.stwards) but the reaction in the
quotations was unimportant, excepting in Birmingham, which fell 21, in,
the old and 11. in the new shares, in conseqUis:oce of a report of another
accident having occurred to same portion of tins railway. They closed
bai
at 70 to 72 prem. for the old, and 201 to 21 rem. for the new.
%
Southampton, old, were last marked at 14 to 13 dig. ; ‘litto new, 11
to 12 prem ; Great Western, II to 12 prem. ; Beige. ton, 3Kato 4
per share, or 11 to 1 dis. ; Croydon, 4 dis.to j 4 prem. ; and 43itto new,
61 to 74 prem.
The day closes one of the most eventful commercial years wbSCh haw
perhaps ever occurred or the annals of this country, and a considerable
pet iod must elapse bet re its effects can be wholly obliterated. The year
1837 has been one of almost continual difficulty and gloom, caused
principally by the disasters which took place in the American trade*
in the early part of the year, and which indirectly have spread
their influence all over the world. So great is now the
extent of English intercourse with the United States, that
almost every department of industry is compelled to sym-
pathise wiih the breaking down and stagnation of that once
gigantic branch of British trade. The toss of fortune iet
manufacturing districts has been certainly very severe In consequence
of this revolution in the business of the ja.nited States, whilst the con.
Untied stagnation of the expert trade to that County,' has given little
opportunity for profit, or extended operations for t:i'e regaining of the
capital which has been sacrificed by the prostration of es? great a number
of merchants, both in this country and America. In the East Indian
and China trade very extrusive depreciations in price, and a'neequeue
losses of capital, have likewise occurred, and probably In no yg:,sr has
the kingdom witnessed the downfal of so rmny large and pcoveo-11
mercantile establishments as in that which to.morrow altogether
closes. To counterbalance the mournful retrospect of the yeas
there is, however, some consolation in reflecting that :at lengths
the light has fully broken in upon the cause of these periodical'
disasters in the mercantile world ; for the discussions in this and
other principal journals have tended to exhibit in all its deformity
the power over the Money Market enjoyed by the Bank of Eng.
land, to the destruction of all permanent commercial prosperity, and
to which is so clearly to be traced the misfortunes which have cc.
unc tin the present year to so many thousands of the families- of
mere-bents, manufacturers, shipowners, and thousands upon thousands
of the manufacturing population of the north. The irregular manage.
ment, to say the least, of that institution is now known to be the
prime cause of these seasons of misery, but it is indeed a consolatoay
and cheerful reflection that the panic of 1537 will most probably have
been the last which the now exposed mismanagement of the Batik of
England will be able to create.—Mornisrg Chronicle.
Ihe turn in the American exchanges, which, by the calculation last
given, were shown to be near 21 per cent. against this country, ought
to become, both from its causes and its probable consequences, a sub-
ject of very serious cornidera•ion. Every one knows how large, only a
few months back, was tle debt owed by tl e United Stater to this
country and to Europe, yet this fact would indicate that the greater
portion of it has, by some mac or other,beenliquidated, and that the
scale is now turning the other way—that the balance of trade is greatly
in favour of America There are two method's of settling an account;
one by a payment, the other by bankruptcy, and it makes all
the difference to England which of them has, in this instance,
been resorted to ; and, supposing a mixtur • of both, on which
rOde the preponderance rests Now we cannot help fearing,
wile:, there is taken into account the vast lcsses which very
great houses are admitted to have sustained by their commerce
with America, with the non-payment of any dividend by those houses
who sunk under the difficulties io which it involved them, that by far
the larger portion of this mass of debt has been paid by bankruptcy, and
is irretrievably lost. it may be otherwise, an.l we sincerely hope it le
so, but on the facts which are known and notorious it is Impossible to
come to any other conclusion. This question disposed of, and the
weight removed 'front the United States, there next comes into action
the traffic of all kinds—cotton, state stocks and Londs, which must mow
be poured into this country, the vigour of which, without referring to
any other index, may be unerringly estimated by this sudden turn
which has taken place in the exchanges between the two countries, It
is material to know, possessing as we do, and as is now openly de.
elated, " a manager of the currency" without any power of controlling
it, in what manner this new torrent is to be resisted.—Times.
Mr. Van Buren's experiment upon the monetary system of the
United States, stiil continues to occupy the attention of the public.
According to the late private letters from the United States, there is
every-reason to believe that his crusade against the United States Bank
will entirely fail.
The very heavy amount of Dutch securities now held by British ca-
pitalists, is becoming a serious consideration in our money market, be-
cause there is an impression that the Netherlands Government tail pro.
bably increase the present issue of their bonds ; it will therefore become
an objsct with them to watch the fivancial movements of rho Dutch Go.
vernment.—Morning Herald.
'We perceive by the papers that Mr. Samuel Jones Loyd, of the emi.
nent banking firm 'Yep Lothbury, has published another pamphlet on
the monetary c mcerns of the country. We have not ourselves found
time as 3ct to look at the week in question, but shall perhaps do s on n
future day, when a little more at leisure. We may remark in the inter.
eel that theobservations passed upon it by our conte.uporaries have beets
less carnalineotary than upan Mr. Loyd's former essay on the same sub-
ject. We doubt not the writer's theories may be very good, but, like
many other plausible theories, they are such, from all we hear of them,
as are not easily reducible to practice. Sir. Loyd seems to hare
laboured to establish the fact, that the Bent authorities have not, in
every instance, acted up to the principle ,that some of their
number consider it desirable to act up to, but which is not at all times,
and under every change'of our commercial affairs, practicable. If this
be the case, Mr. Loyd might Irive spared hin:self the task, as we dare
say the point would have been readily enough conceded. Mr. Loyd, as
we:l as many other wri:ers upon this intricate subject, has his crotchets;
and, i i defence of them, notwithstand ng his affected candour and
, "'senility, he goes to lengths which circumstances do not exactly war-
rant. Some of our Contemporaries are, or pretend to be, simple enough
to imagine that it is out of pure patriotism that Mr. Loyd takes up the
pen, and that he has not the remotest interest in the matter treated of;
but we beg leave to remelts that the very reverse of this is the case,
and that a more prejudiced authority could not, in all probability, be
consulted. Mr. Loyd is, it is well knowe, a partner in one or more of the
most extensive banking.houses in England. It is equaly well known
that there is a direet clashing of interests between the Bank of
England branches and the great Mancheiter concern. Hose, then, can
it be otherwise? The truth is, the attacks on the Beak of Eirgiond all
procc.d from a more or he s interested source. These are everywhere
" wheels within whee!s," and nearly all that is said or written upon the
monetary system should be received with stispscion. It is now admitted I,
on all hands, that the Bank of England have passed triumphantly
through the late crisis, and that the able and liberal management of I h •
Dire tors has saved us f.om a convulsion that might have been over.
whelm:ng in its consequences. It is seen, moreover, from the state of
its accounts, as published from month to menth, that the Bank was never
in a safer and better rsition than at the present mo,n.nt, or one better
calculated to meet the legitimate demands of Ere publi We can never
bring ourselves to s. y much in praise of a writer who pteS bims,lf for.
ward as the champion of those national robberies which are carried on,
under the denominations of foreign loans, by nests of ,p,,culatorti in the
vicinity of Mr. Lloyd's own place of business.—Mornioo Post.

The Marquis of Waterford, at his own expense, has
directed the comity surveyor to make a new line of road frond
Dungarvon to Shandon, which it is supposed will enhance ht
Lordship's property at least 2,000/. a-year, besides being of
very great public utility, the property being now shut out from
the town for want of a road and other communications.
Earl and Countess Peulett are seeing company at
Hinton, St. George, Somerset. Lord and Lady Bridport
have been among their gcests.

The Duke of Norfolk, at Arundel Castle, and also
at Fornham, St. Genevieve, Suffolk, has been very liberal to
the poor at this festive season.

Major-Gcnrral Sir George Arthur, the new Go-
vernor of Upper Canada, left town by mail last night for
Purtsmouth, to embark on board the Sampson, bound for New
York. Ile has appointed his son, Lieuicnant F. L. Arthur,
of the 4th, or King's own Regiment, his Aid-dc-Camp and
Mili'ary Ste etary.

The Mgr/borough, Lord Howo's•shp, in the baffle
of the Ist of June, 1794, haying reduced two of her antago-
ni,ts to wrecks, was atacked by a third, the Fiench Admiral's
ship, which carried away 1,11 her masts. When in this help.
less state, the enemy's rear passed her to leeward very ch:se,
and she fairly ran the gsuntlet of every ship that cculd get a
gun to bear, hut luckily aithnut receiving any shot beta ecn
;vine an water. la the hottest of the fight a trifling c:r.
st,nee raised the drooping spirits of the men, and l ruhahly
sand the ship. " Sic was so toughly t erved, that a whi,,per
~f su-Isnder was said to hive Leen uttered, which Leuttna..t
Moncktoo ovurheuring, resolutely exclaimed,l e a ould be d--41
if he should ever sin render, and that he would nail her colours
to the stump of the mastr' At this moment a< cock, having by
the wreck been liberated from the broken c, op, suddenly perched
himself on the stump of the mainmast, clapped his a tags, and
crowed aloud ; in an instant three hearty thcers ran throughout
the ship's comp, ny."—Barron's Liji: of Lord Hoxe.