The Sun.
London, England, 1841-01-15 00:00:00

( From the Alarming Adrertimer.)

We noticed the other day the pamphlet issued by
the friends and supporters of Mr. D. Urquhart, calms:-
'niating the policy of Lord Palmerston with regard to
the affairs of the East ; and we were in hopes that ‘se
we were then done with the subject : but sinee that ar-
ticle appeared, a publication has made its appearance
whose sentiments we most equally condemn—we mean
those of the British and Foreign Quarterly Review
That quarterly periodical has upon the Foreign Po-
licy of England" an article of similar sentiments and
opinions, which in great part is either unintelligible or
inconsistent. Like Mr. D. Urquhart, it finds fault with
everything, and yet proposes no scheme which is likely
to be more acceptable to the British public than that
which has been pursued. It blames Lord Pal-
merston Par having deserted the Liberal prin-
ciples upon which the It form Government of Lord
Grev was based—of having deserted France—and
aP.lea England with the despotic Governments ot
Europe but what is the fact ? England was desirous
of continuing the friendly understanding a Lich has
existed during the last ten years between her and
Erance ; but M. Thiers, the legitimate representative
of that country, was determined to pursue selfish and
anti-European objects—in other words, a system of
aggrandizement—and what was the Forcizn Secre-
tary to do under • such circumstances ? Would he
have been justified in succumbing to the will ot
Prance, in contrariety to the interests of England ?
Would he not have deserved the execrations of his
countrymen, had he for one moment allowed M.
Thiers to dominate the policy of Europe, and blot
the power and influence of England out of its map ?
Lord Palmerston felt his position, and acted ac-
cordingly. France refused her alliance, after re-
peated entreaties—she would pursue her own selfish
objects despite.' of the wishes of all the Powers of
Europe ; and what remained for Lord Palmerston
but to organize such a league as would bid defiance to
her, is case that she should attempt any hostile pro-
ject against the peace of Europe ? Tne league was
organized—the battle has been fought and won—end
France, by her own act and deed, is isolated front the
other Powers Of Europe. It is said by the ultra-Liberal
party that England, in allying herself with Russia and
the other Contineatal Powers, has repudiated the prin-
ciples of constitutional freedom, and made a holy alliance
with them for the purpose of putting it down. This is
a falsehood which cannot well impose upon any one.
The alliance is snarly an hlliance for one object—the
restoration of the Turkish empire—and when that ob-
ject has been accomplished, the alliance is at an end.
But we most not conclude without noticing a most spe-
cial paragraph in the article in the British a ti Foreign
Quat.terly. At page 3.38, it says—
'• That any section of tho Liberal party should be pre-
pared to support the Minister for Foreign Affairs in the
approaching discussions in Parliament, is a supposition so
monstrous that see aro unwilling to give it a moment's
Credence. If it be true that it is intended, it can only be
from the profound ignorance with which questions of fo-
reign policy in this country are approached, or from that
wretched spirit of partisanship which degrades the most
vital subjects into mere weapons of party attack and d --
knee. On the heads of those who, while they loudly
declare that their object is civil and religious liberty
throughout the world, will thus be lending their aid to
tho maintenance of a system which pledges this great
country to the hateful principles of the Holy Alliance,'
eisich unites us with the partitioners of Poland, and would
make us the partitioners of Turkey, rests an awful respen-
sibility."

On our own heads be it ! We are the friends of
Poland, and our victories on the coast of Syria have
Mono more far Ler independence than the most zealous
exertions of her best friends could have accomplished.
Instead of saying, with the Review, " that any section
of the Liberal plrty should be prepared to support the
Minister for Foreign Affairs in the approaching dis-
cussions in Parliament, is a supposition so monstrous
that we arc unwilling to give it a moment's credence,"
we would simply observe, that a greater d;sgrace could
not fall upon any section of the Liberal party than that
of its desertion of the Foreign Secretary in upholding
the interests and honour of his country. We know no
better mode of their rendering themselves odious than
by attacking him.

MONEY MARKET and CITY NEWS.

(THURSDAY EVENING.)
CIIRONICLE.—It is stated in the Paris news
that the French Government received on Tuesday a
telegraphic despatch from Brest, announcing the termi-
nation of the differences which have for the last tlir:e
three years existed between France and Buenos Ayres.
This, should it only turn out to be the truth, will be a
great event for houses engaged in commercial opera-
tions with that part of the world. The Buenos Ayres
market has necessarily been for a long time past kept
exceedingly bare of manufactured goods. Orders
to some extent may, therefore, be laoked for by
the Manchester, Leeds, and Glasgow people at
an early period. There was, on the other hand,
an enormous accumulation of the products of
the country, such as hides, tallow, nutria skins,
&c., in the Republic, awaiting the raising of
the blockade for shipment to Europe. These, if peace
with France has been actually concluded, as declared
by the telegraphic despatch, will now be released ; and
altogether the trade cannot fail presiitly to be in a
state of activity that has not been experienced since
the resumption of business consequent upon the settle-
ment of the long-pending dispute between the Republic
end Brazil, by which it was interrupted several years
ago. The unconfirmed report to which we have al-
luded has, we find, already produced lively sensation
in the hide and tallow markets, and, in case of any
quantity of these descriptions of goods being realised,
it would, no doubt, be at a considerable reduction in
price. At all events, holders who had got rid of their
stocks of skins in the expectation of a speedy accommo-
dation, seem to congratulate themselves not a little on
so seasonable an exercise of their foresight.

nERALD.—The funds show rather better to-da),
which may be attributed to the existence of a demand
for stock, and the expectation of a continued demand
to-morrow, which is the settlement and opening day for
Consols. The Bank broker was a seller of stock to
the amount of 30,000/. or 40,000/., but it must not
taken from this that the sales were for account for the
Bank, as might he generally supposed, for the Bank
broker, like others of the craft, does business of course
for all respectable clients and connexions. The brokers
were mainly occupied to-day in the adjustment of" puts
and calls" and preparations for the settlement to-
morrow.

To-clay was the settlement of account in the forei:fn
market. The fluctuations during the account have
been inconsiderable, and the result of to-day's arrange-
ment has nut tended to make any material variation in
prices.
The following paragraph is copied frc m the Times ci
this morning :
" There is required evidently, in this state of things,
the most careful and judicious conduct on the part of
the Bank of England to give free scope to the new en-
terprise which has arisen among the trading interest,
without encouraging ovcrtrading and speculation. After
the lessons which the Directors have lately had on this
subject, and the responsibility they arc under at the pre-
, ent moment to perform their exact duty to the commerce
of the country, it is really to be hoped that they will give
to it all the encouragement that it ought to receive, and
in the manner best calculated to make that encourage-
ment effective. They have already lost more than one
similar opportunity in taking the alarm when they ought
to have felt and to have inspired confidence, and have
been punished for it by the lowest stock of bullion,
taking the length of time it has continued low, that the
Bank has ever experienced. A legitimate trade, ascer-
tained to be so, and made prosperous by well timed ad-
vances, would soon replenish the coffers of the Bank,
and prove that an alliance upon sound principles between
the trading interest and the ' managers of the circulation,'
is the only real security for the prosperity of both."

The foundation of the reasoning consists in the a,-
sumption of improved prospects for trade, in conse-
quence of the late events in CLina, the East Indies and
the Mediterranean. Now it is sufficiently notorious
that the course of the Times has invariably been to fix
any mishaps in the commercial world upon over-issues
of the Bank ; that is, that the Bank has made credit
too easy, that is, in common parlance, " money," which
in reality has comparatively little to do with the
matter. But here it will be seen the Times is acting
on the reverse policy,. and is endeavouring to lead the
Bank " to give free scope to the new enterprise which
has arisen among the trading interest," or, in plain
English, to issue more bank paper, and make money
more plentiful._ If the Directors were blind enough to
follow the cross guide-post they would orly place them-
selves under and deservedly merit the severest ano
most assured castigation of the monitor on thr first re-
turn of Bank averages by which an increase of half a

million of the circulation so indirectly advised should
become apparent.
Such are the inconsistencies of a paper which assumes
to influence banking and money affairs, the true princi-
ples of the regulation of which are so grossly invaded in
the present instance. For what does the advice amount
to, but to this, that upon certain speculative anticipa-
tions of a good trade to come the Bank should make
money advances, discount liberally, and let out paper ?
It may be answered that the line is drawn and the cor-
rective applied by the accessory or supplementary pro-
viso that these Bank extra issues or advances are to be
made " without encouraging over-trading and specula-
tion." Here the question naturally arises where the line
is to be drawn and what is the extent the Bank may go to
short of the dreaded point. As this must be a matter of
opinion contingent on the more or less sanguine tempera-
ment, or the influence of certain interests of men in
authority, it is clear that in respect of the principle no
safe guide in respect of public interest is possible o. r
practicable. The advice of the Times therefore is,
however unintentionally, insidious, and, as some people
maye
may construe it, ignorant, because evidently in opposi-
tion to sound and wholesome views. For nothing cen
be more unsound or unsafe than, when no real acces-
,ion of money from abroad takes place, to create a ficti-
tious abundance by means of paper currency at home.
The true system should on the contrery be to leave trade
to itself, for if a demand for exportation exists, it is evi-
dent that as cred:t cannot be wanting in such case to
provide the means for the execution of such. orders, the
13511 C of paper money, or the greater tad itios of dis-
counts because of a greater abundance of paper credits,
or bank money, CAM only tend to excite " overtridieg
and speculation." The Bank Directors, it may be pre-
sumed, are not likely to adept the advice of the Tints.

SUN—The Funds were buoyant to-day with mod, rate
extent of business. The chief attention was directed
to the options and preparat;ons for the settlement to.
morrow. The purchases of the Bears caused a further
slight advance in Consols to 89y to ; and the conti
nuatioa to F: bruary was fully per cent. Exchequer
alls realised Bs. to 10s. prem., and East India Bonds,
10. s. to 63. dis.; Bank Stock improved to 165 and 166,
and East India Stock to 249 and 250 i, being for each
a rise again of about 1 per cent. The New Tbree-and-
a-lialf per Cents. were at 97i to 974, and the Three
per Cents. at 891 to 90.
Little was done in the Foreign Securities, and the
quotations were very trifling. The settlement went off
comparatively easy. Spanish Bonds were 241 to 241-
for i?loney, and 21i to 24-a for the 29:h instant., being
a continuation of a per cent. ; Portuguese Ncw Five
per Cul s. were steady at 22 to and the Three per
Cents, at 20 to ; Colombian Stock touched 23ft to
but Mexican were still at 281 ; Brazilian Bonds im-
proved to 714 ; Danish Bonds were 77,} ; Russian, 113
to ; French Fire per Cents., 1111.75 c.; the Three
per Cents,, 77f. 25e. ; and Dutch Two-and-a-Half per
Cents., 50-i to
The market for Railway Shares had a tendency to
improve. Great Western were at 30 to 29 ; the New,
14 to 15 ; the Fifths, G 4 ; the London and Birming-
ham, 82; the Quarter ditto, 221 ; the New, 25 ; the
South Western, 19i to 19i ; and the Gosport Junc-
tion, 7. prem.; Brighton were 5; to 51 ; C:oydon, 11;
and North Midland, 21 dis. ; National Bank of Ire-
land Shares are 21 dis. ex-div.

THE FLEET IN THE MEDITER

RANEAN.

Lotter from an Officer of Sir R. Stopford's Squadron,
dated the 18th ult. :

" MARMORICE BAY, DEC. 18, 1840.
" On the 21st of November, Commodore Napier
joined our squadron off Alexandria, which then con-
sisted of the Powerful, Revenge, Ganges, Rodney, Van-
guard, Cambridge, Carysfort, and Medea, the Dido hav-
ing been previously sent to the Admiral to acquaint him
of an accident which happened on board the Medea, a
shell having burst below, and wounded several men.
" The Commodore immediately began to treat with
the Paella, and first sent in Captain Maunsell, of the
Rodney, who had known him when commanding the
Alfred. The Commodore afterwards went in himself,
and had a long conference with Mehemet Ali, in which
I believe no words were wasted ; the consequence was,
that the Pacha, finding that Acre was taken, and that
the French had deserted him, agreed to give up the
Turkish fleet and all Syria, retaining the hereditary
Pachalic of Egypt, and ,his troops to be withdrawn
from Syria by us.
" I may mention, that on the morning of the Com-
modore's arrival, two boats came off at daylight to the
Ganges, which happened to he the inshore ship, con-
taining Emir Bey, the Turkish Rear-Admiral of the
Mahmoudieh, Emir Captan, the Captain of one of the
large frigates, the Admiral's Secretary, and 39 men ;
they had made their escape during the night. From
them we heard that the French had decidedly promised
Mehemet Ali to appear off Alexandria with a fleet, and
that on their arrival .his fleet was to come out and join
them. The Rear-Admiral and party were sent on
board the Revenge (senior officer), and then to the
Powerful, and, I believe, eventually to Beyrout in the
Prometheus.

" On the day Napier went in, we observed the
Turkish and Egyptian fleet suddenly swung their top-
masts and top-gallantmasts up, and cross royal yards,
firing a royal salute, and dressing in colours. The effect
was beautiful, and we all imagined that it was in conse-
quence of the Treaty. We found out afterwards that
it was the festival of the Bairam, which accounted for
the salute ; but I think they began to get ready for sea
immediately on hearing of the Treaty.
" Having sent off his despatches b 3 the Oriental,
which was detained for a day, and also letters to the
Admiral by the Prometheus, Commodore Napier made
the signal to the squadron " Peace with Egypt," and
we stood off the coast, as it came on to blow ; and on
the 2d of December we experienced a heavy gale, in
which our six ships did not, of course, suffer much
damage, but we all felt glad we were not on the coast
of Syria. In this gale, as we afterwards learned, the
Zebra was driven on shore in the bay of Khaifa, and
the Pique had to cut away her masts, and was also
nearly wrecked. The Bellerophon was at anchor at
Bcyrout, and was nearly lost ; and nine sail of trans-
ports and all the small craft anchored on the coast were
driven on shore or foundered at their anchors. Had we
all been in the midst of our operations along the whole
line as formerly, the effect on our fleet might have
been disastrous.

" The Commodore then decided on coming here, and
on the Bth instant anchored in this most beautiful of
harbours ; finding the Thunderer, last from Beyrout,
Calcutta from England, Implacable, which had left our
squadron sonic time since, and come here imagining the
Admiral had left Syria, and Edinburgh from Beyrout ;
also Gorgon, Dido, and Hecate, from England, wi,b
General Mitchell and several officers of artidery on
board, waiting the arrival of the Admiral precious to
going to Syria.
" On the 9th arrived the Admiral and Bellerophon,
and on the 10th the Benbow and Hazard, all from Bay-
rout, and the Stromboli from Alexandria, where she
had been to land two Turkish envoys, and had been
looking for our squadron.
" It appears that the A,lmiral had sent Captain Fan-
shawe, his Flag Captain, to Alexandria, in the Mcgmra,
with a proposition for Mehemet Ali—not, I believe,
quite so good for him as Napier had granted, merely, I
believe, offering Egypt for his life. We expected that
Mehemet would turn rusty again, and that we should
have to attack Alexandria in the spring. The arrival
her,-, however, of Captain Fanshawe on the 14th, settled
all. 1 believe Mehemet Ali told him he threw himself
into the arms of the Allies, trusting that England would
be generous ; Captain Fanshawe has been sent to Con.
stantinople in the Stromboli. On the 13th and 14th the
Austrian squadron arrived here, so that this bay now
contains the felloning ships • .

" Princess Charlotte (flag), Powerful (Commodore),
Rodney, Ganges, Thunderer, Vanguard, Calcutta,
Cambridge, Revenge, Edinburgh, Implacable, BJllero-
phon, Benbow, of the line ; Gorgon, Medea, steamers ;
D:do and Hazard ; also two Austrian frigates and ore
corvette ; and we expect the D tphne and Magicienne.
The coast of Syria will probably be watched by steamers
during the winter. At Malta we have Asia and
Hastings, of the line, Castor and Pique ; the Carysfort
is off Alexandria ; Talbot is at Sramboul ; and ere this
the Britannia and Howe must have entered the Straits
of Gibraltar, which will give us seventeen sail-of-the-
line, mostly very heavy ships.
" Yesterday (17th), the Medea came in with the
mails brought by the Great Liverpool to Malta ; and
we hear of the birth of a Princess. There is naturally
much disappointment at there being no brevet on such
a❑ important occasion, especially as the marriage was
a!lowed to pass without one ; but we have not heard
for certain that there is not to be one.

Napier has hoisted his red pennant as first-class
Commodcre, and well he deserves it. This, and
promotions for the affair at Sidon, lead us all to hope
that there will be a liberal promotion, as well amongst,
those ships who had the good luck to be at the taking
of Acre as amongst all connected with the operations
along the whole coast of Syria. Many would thus ob-
tain it who might have no other chance of advancement.
" Certainly, when one looks backs and brings to mind
that on the 13th of August Napier, with ha four ships,
Powerful, Ganges, Thunderer, and Edinburgh, an-
chored at Beyrout, round which Solirnan Paella, with
some 14,000 men never yet beaten, was encamped, that
Ibrahim had possession of the passes of the Taurus, all
the forts and towns on the coast, and the " invincible
Acre," well garrisoned, and that all the mountaineers
of Lebanon, Naploose, and Haouran had been defeated
and disarmed, which made them at first lukewarm about
beginning again with us ; that on the 9th of September
a small force was landed in Djouni Bay ; and that on
the 3d of November, by the fall of Acre, the whole of
Syria was in our possession, Ibrahim himself beaten by
Napier,—one must acknowledge that the navy have
gone their work well."

CHILDREN BURNT TO DEA H.—During Lhe
past year th,2 number of children (under the age of 11
years) burnt to death in the City and Southwark was 53.