The Sun.
London, England, 1822-06-21 00:00:00

CITY, THORSDAy EVENING.

Consols for the July account opened this morning at soi
and were dull at this price, until the resolution of the Bank of
England to discount, at 4 per cent. bills not having longer than
96 days to run, was made public, when they advanced to fill j,
at which price they closed. If the commerce of the empire were
in a healthy state, the reduction of the interest of money would
be favourable to it, in so far as it would enable the productive
classes to dispose of their commodities at a proportionate Toil
value ; but when the great temptation of high interest in the
Foreign Funds is considered, the propriety of this resolution of
the Court of Directors becomes extremely questionable. That
it will be a strong inducement for the monied interest to invest
their property in Foreign Funds is undeniable, and that capital
so invested will ever find its way back again into the proprie-
tors' pockets is in an equal degree doubtful. That it will also
enable the Ministers to enhance the value of the National Debt
at the expence of other interests, is not the smallest of its de-
merits.

That the reduction of interest must be beneficial to needy
men, whether commercial or agricultural, none can deny, but
permission to purchase money at any rate of interest which the
borrower could afford to give, would be much in favour of en-
terprise and talent, not backed with capital sufficient for the
accomplishment of their views. It must not be objected that
this would encourage speculation, for generally speculation
is productive of high benefit, and sometimes a clear and com-
prehensive mind is a better security to the lender than what
may appear more tangible property. By a repeal of the Usury
Laws, many expectants of future fortune would be enabled to
obtain a temporary loan of money on equitable terms. By the
present system they are obliged to apply to the worst characters
to have their immediate wants supplied.
Letters have been received from Chumpee, dated the 19th
February, which contain the pleasing news that the dispute
with the Chinese has been accommodated, not by the sacrifice
of blood, but by a more persuasive argument—money. An
American Chinaman arrived off the Start, reports that the sum
paid is more than half a million of dollars, which, with the de-
murage for the delay of thirteen Indiamen, renders the day's
sport of the boat's crew of his Majesty's ship, Topaze, tolerably
expensive to the Hon. Company. The chop was hourly expected,
to enable the ships to, load their cargoes; and the Kent was to sail
lon the 24th February, with farther particulars. The debateat the
India house yesterday throws much light on the distressed state of
British commerce. The bad effects of monopoly, and the equally
destructive practice of restrictive and protecting duties to the
general interest, are fully developed. The charter, or what in
the House of Commons would be called the vested rights, of
the East India Company, prevents the English merchant from
engaging in the East Indian trade, unless he has capital suffi-
cient to ht out and load a vessel of 350 tons burthen—few being
disposed to send an adventure in what is called a general ship.
An American, however, is permitted to do what is denied to the
English. It is not long since an American schooner, of 84
tons, loaded a very valuable cargo at an outport, cleared out
for New York, .an 6 sailed direct to Calcutta. This is in fa-
vour certainly of British commerce,—but why should an Eng-
lish vessel be denied the same privilege ? The Court of Pro-
prietors will not concede this privilege, however, until the duty
on East India sugar be equalized with West India production.
It is only just, both to the consumers at home, and to the
East Indian producer, that the duty should be equalized ;
but this cannot be done without totally ruining the West In-
dian, who cannot grow sugar so cheap as the East Indians
can. The British Legislature very properly abolished the
African Slave trade ; hut the West Indian planter has suffered
most severely in his property by Lord LONDONDERRY, in his
foreign treaties, not compelling the other nations of Europe to
do the same thing. The West India proprietor is utterly un-
able to meet in the Europeans' markets the produce of the Por-
tuguese, French, Spanish, Dutch, and other colonies, whilst
they are permitted to carry on the African .Slave Trade,
and the British colonies are deprived of that advantage.—
British Plantation Sugar costs much more to produce it than
that of every other nation in Europe ; and after it arrives in
England it finds additional opposition from the restriction of
the European Governments, which, seven years ago, England
saved from destruction. Good Jamaica Scale Sugar_ can be
got under 82s. and the Refiner cannot work to advantage with-
but a still greater reduction in the value. Russia will admit
no article manufactured in England without the payment of
almost prohibitory duties, and many. other articles of Manu-
facture, highly valuable to Great Britain, are totally excluded.
There is not much doing in Foreign Funds. The Paris Rentes
here are 91. 50. 75. Prussian Bonds are quoted still at 86 ; Co-
lUmbian Old Bonds are 1014, and the New Sixes, 831, and the
Scrip, 844. The Spanish are rather lower, the Old, ' 614 624 •
and the IN ew, 614 624. Danish are dearer, being rated 864 87.
Neapolitan, 734. Russian Metallic, 774, and the New Loan
extremely dull, at 8.2 i 83. There is at present a prejudice both
against Austrian an Russian Securities. American Bank
Shares are 22 ; and the 5 per cent Loan 'of 1821, 95i. The
Chili New Loan is not brisk, at 794 a 804. A forgery in the
English Funds has been detected, to the amount of 79001. The
person's name is and he is probably by this time out of
the reach of justice, the transaction having been accomplished
six weeks ago.-.:( liforning Chronicle.)

ROYAL OBSERVATORY.—On Saturday, June
15, the President and Council; and Visitors of the Royal Ob-
servatory, held their Annual Visitation of that useful Public
Establishment at Greenwich, and after inspecting the magni-
ficent instruments.l.‘laced under the direction of the Astronomer
Royal, dined together at the Crown and Sceptre. . The Presi-
dent of the Royal Society, Sir H. DAVY, was in the Chair.
There were present -His Royal Highness the Prince of Den-
mark, the Danish Minister, the Marquis of Lansdowne, Lords
Melville, Darnley, and Aberdeen, Sir George Clark, Bart.,
Sir Everard Holue, Bart., Drs. Wollaston, Young, and Mar-
cot, Messrs. Hatchett, Herschell, Brande, Bailey, and a large
party amounting to nearly sixty persons, consisting of the most
distinguished men of science in the country, and many eminent
literary character's. The day passed in the most agreeable and
harmonious manner, and his Royal Highness the Prince of
Denmark entered ,Cully into the spirit of the Meeting. Among
the toasts given by the President, and drank with much en-
thusiasm, were-L.' The King, the Patron of the Royal So-
ciety."—" His Royal Highness the Prince of Denmark."—
" Lord Melville, and the Admiralty."—" The Astronomer
Royal, Sir William Herschell,"—and " The President, and
the Royal Society," given by his Royal Highness the Prince
of Denmark.