The Sun.
London, England, 1831-05-26 00:00:00

MONEY MARKET.

(From the Times.)
This day (Thursday) being settling-day for the Consul
account, most of the transactions in the funds yesterday
have been more or less connected with it. The fluctua-
tions during this account have been very considerable, and
been attended also, on the whole, with a great advance in
prices; the losses sustained by the speculators for the fall
have been enormous, and the scarcity of stock very re-
markable during its continuance. Money could always he
obtained on Consols without interest, and a premium of a
quarter per cent., compared with the price for the account,
was at one time very currently paid. This was the effect
of the speculations which take place almost entirely in
Consols. In almost every other description of stock there
has been an over supply, the jobbers having become bor-
rowers on the security of them, at a rate gradually in-
creasing, and which yesterday reached five per cent.,
which could have been obtained for short periods on any
of the Government securities except Consols, and even on
Exchequer bills, which is a very rare occurrence. This
distinction cannot, of course, last long, because its effect
will be so to raise the price of Consols, and to depress in
proportion that of the other descriptions of Stock, that it
will be worth while for the holders of Consols to change
the investment, which will at once bring the supply into
the market which is now wanted, and again equalize
prices. At present there is an advantage of full a quarter
per cent. by transferring from Consols into Three per
Cents. Reduced, bearing the same interest and of course
having precisely the same security. This will not in itself
alter the state of money, but will merely make it equally
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oonfs
oCi
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April,
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count, is full six per. cent. The closing price yesterday
nreegss was first commenced for the May ac-
was ssa to 4,-; and that of Exchequer bills ss. to 7s. pm.

(From the Morning Chronicle.)

In the face of an increased demand for money in th.
City, the Funds were again buoyant yesterday, and the
prices at one time were nearly half per cent. above what
they left off on Tuesday. To persons unconnected with
the details of the settlement of an account at the Stock
Exchange, this state of things may appear a contradiction.
It is, however, easily explained. It appears, then, that
the reports of a large Bear account for this .lay have
proved to he well founded ; and the dealers,
against their opinions, have been compelled to pur-
chase Stock for delivery this day, and the scarcity
was very considerable until the backwardation from
account to account amounted to about one-eighth per
cent., Consols for July selling at 83a, while for this day
there were eager purchasers at 83i, and a good deal of
stock was cleared off the market at 83k. This, however,
brought a large supply from several leading capitalists,
who, by so doing, realise an interest from four to five per
cent. by lending the Stock until the opening, when it is
again to find its way into their possession. Without this
operation, the mere settlement of the account for this day
would have forced up the prices much higher. As it turns
out, however, the Bear party are terrible sufferers, the
sacrifices they made yesterday being the more annoying, as
Exchequer-bills have been heavy at a premium of only 5+.,
a decided indication of a want of money in the market. It
is understood that the Governor and some of the Directors
of the Bank of England had an interview with Ministeis
at the Treasury yesterday, where, of course, the state
of money affairs in the City, and in the country generally,
came under discussion. It is added, that after their return
from the west end of the town the discount of foreign bills
at the Bank was more liberal than for some time past—a
circumstance that gave a good deal of satisfaction in the
City.

(From the Morning Herald.)

It appears that the Directors of the Bank of England
have been obliged to melt down a great quantity of super-
fluous silver coin, some say to the amount of nearly a mil-
lion sterling. We understand that this silver has been lying
in the coffers of the Bank for about five years, and conse-
quently the Company bas sustained a great loss of interest.
The fact iQ, the Bank took more silver coin from the Go-
vernment than the kingdom and its dependencies wanted.
This is proved from the circumstance of the coin, whether
sent to the country or to the colonies, speedily finding its
way to the Bank. Before the Directors determined to melt
this superfluous silver into bars, they endeavoured to in-
duce the Government to bear the loss of the seignorage,
but we understand that they have met with a positive re-
fusal. The Bank will, we are informed, sustain a loss of
upwards of 100,0001. in the seignorage, besides the loss
of interest. The only way to keep silver in circulation
is to make it a legal tender, as in France. Such a measure
would, too, in conjunction with others, mitigate, if nut
remove altogether, the ruinous effects of Peel's Bill. 7 h
late proceedings of the Bank, in drawing in the circulation,
begins to be severely felt in the scarcity of money, and
the consequent fall of colonial and other produce. Money
is now worth five per cent. on the Royal Exchange, and
four per cent. has been paid upon the Treasury Bills. In
the Stuck Exchange money is exceedingly scarce ; is worth
five per cent. in all descriptions of English securities, ex-
cept Consols. We understand that 100,000/. were lent
yesterday, at the above rate of interest, on English Stock,
till the middle of July. One of the first acts of a Reformed
Parliament will of course have reference to the regulation
of the circulating medium.

The members of the Noblemen's Catch Club
gave their annual prize of 20 guineas for the best glee on
Tuesday. After the votes had been taken to reduce the
number to two pieces, the competitors were Mr. T. Coritcz
and Mr. WALMESLEY. On the second division the majo-
rity was in favour of Mr. 'l'. CooKE, being seven to five.
The Duke of CUMBERLAND, who honoured the club with
his company, paid a high and justly deserved compliment
both to the composers as well as the singers; the latter
were Messrs. SALE, VAUGHAN, HOBBS, and TERRAIL._
Air. S. ARNOLD, President, lion. ARCH. MACDONALD,
Vice-President. Lord SALTOUN and Sir GEORGE WAR-
RENDER were among the numbers present.

RETRENCHMENT.—We are informed that an
Officer from London has paid a visit to the Custom-house,
Boston, and effected the following reductions. From the
salary of the collector, 1,000/. ; comptroller, 50/. per
annum. The collector's clerk and another officer to be
superannuated, a tidewater to be removed to another sta-
tion. He came to Boston from Hull, where also he has
been paring down the emoluments of the officers, and has
proceeded to Lynn, for the same purpose. The above is
correct in the main, though, we believe, some of the al-
terations are not yet finally determined.—Boston Gazette.
DINNER To THE LORD ADVOCATE IN
EDINBURGH. —The inhabitants of Edinburgh invited the
LORD ADVOCATE to a public entertainment; his Lord-
ship, however, deemed it prudent to decline accepting the
proffered honour. The following extract from his answer
to the application will serve to explain the motives of the
Learned Lord :—" I have of late been unavoidably placed
in more frequent contact with popular assemblies than I
wished, and I am really anxious to escape into the shelter
of a more. becoming privacy—.and feel that I might be de-
servedly blamed if I allowed myself to be brought so pro-
minently forward in a public meeting, which might be
said to have no other object than the gratification of my
own vanity or ambition, and which I really think is not
now called for, for any public purpose. We must all feel,
1 think, that there has been excitement enough of late in
the minds of the people of Scotland generally, and of this
city in particular, and that there never was a time when it
was less necessary to quicken the political sensibility of
the nation by such meetings as your Committee have now
in contemplation. We shall all be the better of a little
repose."

We have had for several days past strong
reasons to believe that the Ministers, seeing that the
country has almost unanimously declared for a full and
efficient Reform, have determined to remove those ano•
maliea from the Bill by which it is now defaced. Amongst
other changes, it is said they intend to substitute the old
constitutional franchise of scot and lot for the new, and
in our opinion objectionable, qualification of a 101. rental.
We are in some degree confirmed in the belief of what we
have heard upon this subject by the following passages in
the excellent and manly speech of Lord /6“.'rnoar at
Northampton. His Lordship observed that " Ministers
had been as moderate as possible in the change they had
effected ; and it was, perhaps, in consequence of the
moderation and care they had exercised that some ano-
malies remained which ought to be removed." The fact
is, as we intimated yesterday, and as this extract from
Lord Ai.vioar's. speech in a great degree proves, the Mi-
nisters were anxieris, in framing their Bill, to conciliate
the moderate Reformers, and to give as little offence as
possible to those cpposed to all Reform. They wished to
carry the measure with a doubtful House of Commons,
and therefore proposed no more change than was consistent
with giving to the people an efficient Reform; or, in the
words of Lord Aurnoar, they were of opinion that the
less change they made the better, provided only that this
great end—a free and fair representation of the people—
was obtained." The obstacles, however, in the way of
abolishing all anomalies in the representation are now re-
moved ; and we have no doubt that, as the Ministers have
the power, they have also the will, to make the measure
as perfect as possible,—Airorning Heral4.