The Sun.
London, England, 1838-11-03 00:00:00

MONEY AND -CITY NEWS.

(FROM THE MORNING PAPERS OF THIS DAY.)
TIME S.—The Funds remain without particular variation,
and business slack. Consols were 934 to s for Money and
Account. Bank Stock was 204 to 202 i. India Stock,
2.59 f to 2601. Exchequer Bills, 665. to 68s. premium.
It is curious to witness the contrast between the way in
which the blockades of other nations, provided those nations be
sufficiently helpless, are viewed and treated by the French re-
latively to their own. The Paris papers recently contained
extracts from letters from Callao, dated the 12th of July, in
which the writers, referring to the blockade of that port for two
months past by a Chilian squadron, state, that so far at least
regardedas French vessels, it was raised. The process by
which this was accomplished is thus described :—The frigate
Andromede, commanded by Captain Villeneuve, was lying
there for the especial protection of French commerce.
During a short cruise in the latter end of June he fell in
with the merchant ship the Constance, of Havre, bound
for Callao, which he accompanied to her anchorage, and
immediately afterwards made for the blockading force, and
demanded of the Chilian Commander Postigo, what were his
intentions in the case that French ships should arrive in the
bay of Callao and seek to enter. It must here be stated that,
in answer to a letter addressed to him on the 20th of May by
the Chilian Commander, to notify the blockade, Captain
Villeneuve acquainted him that " he persisted in believing
that the Chilian Government could not have the intention of
making war on the commerce of neutrals ; but that in any case
he would regard the stoppage (arrestation) of a French vessel
as an act constituting a real declaration of war." No reply
had been received to this formidable menace up to the moment
of the arrival of the Constance, when, as before said, Captain
Villeneuve set sail for the Chilian squadron, deeming it a fit
opportunity for exacting a positive explanation. On the 30th
of June, having come up with him, another letter was sent on
board the Chilian Commander's ship, who on this occasion
thought fit a day or two after to advise the French Captain
that "circumstances ( upon the nature of which he was silent) in-
duced him then to modify the measures he had originally adopted,
and of which he had given notice, that the blockade was then
suspended, and he might rest assured that no opposition would
be offered to the free entrance of French vessels." These as-
surances, it is owned, have been faithfully kept, and no moles-
tation to French commerce has been suffered. The " circum-
stances" alluded to by the Chilian officer referred doubtlessly
to the revolution in Peru then breaking out against Santa
Cruz, in favour of which the expeditionary forces on their way
from Valparaiso were to co-operate.
The remarkable point in this affair is to find, when it suits
their purpose, that the French are so extremely sensitive upon
the subject of making " war on the commerce of neutrals" by
a blockading force regularly and sufficiently established, and a
blockade advised of in due form, as to consider the mere stop-
page of a French vessel undersuch circumstances to be equivalent
to an " actual declaration of war." In the cases of the French
blockades of Mexico and Buenos Ayres, both existing at the
same point of time with the Chilian blockade of Callao, it has
been seen that the " commerce of neutrals" has been in-
terfered with and paralyzed without ceremony, and in the in-
stance of Mexico with the aggravation that the French force
was notoriously inadequate to the efficient purposes of the
blockade proclaimed against the whole extensive line of coast.
Neutral ships have been brought to, taken possession of, sent
back, and even fired upon, many of them having sailed from
ports in Europe and elsewhere before the intelligence of the
blockade could possibly have become known. It must be ob-
served, moreover, that there is this other difference be-
tween the French and Chilian blockades, establishing clearly
the more lawful and regular character of the latter. Previous
to the declaration of blockade the Chilians had declared, and
liad been long at war with Peru ; whereas, in the cases of
Mexico and Buenos Ayres, there had been no declaration of
hostilities, nor has there been to this day. Upon their -own
principle of action, therefore, the blockades of Mexico and
Buenos Ayres are wholly unjustifiable and indefensible in any
point of view by the French Government.

CHRONICLE.—This has altogether been a very uninte-
resting day in the city, as nothing new has occurred in the
commercial world, and we are without arrivals of any moment.

POST.—The Money Market continues so steadily easy that
during the past week, the value of money has had but little or
no effect upon transactions either in commercial affairs or the
public securities of the country.
The Dutch papers of the 31st ult., mention that on the 29th
of that month the King of the Netherlands had proposed a
new loan to the second sitting of the Chambers, to the amount
of about 1,500,000/. sterling, which was to be appropriated to
the present exigencies of the State. The advance is to be
made to the Colonial Department, and to be repaid by a loan
of 1,900,000 florins, which is to be raised at 5 per cent., to be
returned as the loans of the two former years were appropri-
ated. This circumstance has had no direct effect upon the
Market, as none of the new loan is likely to come into this
Market.
But little disposition has been manifested for any speculation
in the foreign bonds, and in most instances the market has left
off heavily. Spanish Bonds, with the unpaid coupons, have
receded from 171 to 17f to . Portuguese Old Five per
Cent. Bonds are 75 to LIF ; the Three-and-a-Half per Cent.
ditto 31 to and the Three per Cent. ditto 201 to
Brazilian Bonds arc 78f, Colombian 241 to 2,-'„ and Mexican
Six per Cents. 224 to 23. Russian Bonds 111}; Dutch
Two-and-a-Half per Cents. 531 to j-; the Old Five per
Cents. to and the New Five per Cents. 98+ to A.
A few bargains have been done in United States Bank Stoat
at 25.

The Share Market continues in a very inactive state. Great
Western Railway are 13 to 14; Birmingham are 84:3 to 85
prem. ; Brighton are 24 to dis.; and Blackwall dis.
Australian Bank Shares arc 27 prem.; British North Ameri-
can Bank Shares are 11 prem. ; Union Bank of Australia are
q prem. ; and Claridge's Asphalte are dis.
The Liverpool steamer, for New York, which put back to
Cork, has given up the voyage altogether, as she cannot carry
coals enough for her consumption. Her passengers, cargo,
and letters are expected to be forwarded by the Sheffield sail-
ing packet.
HERAL

,D.—Money continues very easy both in the open
market and on the Stock Exchange; in the latter not being
worth more than 2 per cent. from day to day.
The continental exchanges continue heavy, thongh without
much business in them ; the greatest tendency for a decline
being in the northern ports of Europe. On Paris the rates
are 05f. 70c. to 25f. 75c. ; on Amsterdam at 12 4} a 12 4;
on Rotterdam at 12 4i- a 12 5 ; and on Hamburgh at 13 101 a 1311.

The general appearances of the market for the British Funds
rather indicate some degree of heaviness, which, however, has,
in some measure, been temporarily counterpoised by the con-
tinued outlay of money on the part of the Commissioners of
the Savings Banks. who have again purchased to the extent of
20,000/. sterling, whilst one or two parties have made some
large investments. Consols closed at 934 a for Money and
Account. The Three-and-a- half per Cent. Reduced Annui-
ties are 100 a > ; and the New Three-and-a- Half per Cents.
are 10ii aI. Bank Stock has been heavier to-day, the last
quotation being only 201} a 2021 Money. India Stock is 260
a 2601 Money. The premium upon Exchequer Bills of large
amount is 66 a 67, and on those of a smaller denomination 66
a 68. On India Bonds the premium is 61 a 63.