The Sun.
London, England, 1847-01-04 00:00:00

THE FUNDS.

CITY, SATORDAY, JAN. 2.—ln briefly reviewing the
movements of the Money Marks t, and the status upheld
by the National Securities in ths course of the past
twelve months, a few preliminary remarks may, under
circumstances, be permitted. It has been urged in some
quarters that the views and opinions expressed usually
under this head are of too sanguine a temperament--
that, placing faith in the representations made, parties
have held stock, and, being ultaately compelled to sell,
have sustained losses. Most true it is that it has not
been the province of the writer of this article, upon any
occasion to yield a ready ear to whispers of coming •
panics, of internal and external alarms, the promulgation
of which might have the effect of realising the hopes and
expectations of the Bear party in and out of stock ex-
changes. The careful policy of those who have to com-
municate the real state of monetary and commercial
matters is to look to facts, not to heed reports. And well
may the Government, and the public, and the steady
holder of all our National Securities be proud of the
position in which the credit of this country at pre sent
stands. Without a blemish upon the character of the
nation's honour and credit, and amidst passing political
events at home and abroad, of stirring, of painful, and
of deeply anxious import, the close of the year 1846 saw
the Three per Cent. Annuities (the largest portion by
far of " the millstone" around the neck of our country-
men, as the late Mr. Cobbett termed it), within two per
cent. as high as they were yesterday twelvemonth. To
controvert this " great fact" your operatives for a fall,
and those who may be deemed the avant couriers, in
print, of alarms, of tightness in the Money Market, &c.,
have put forth many versions—many bold sasertions—
that ere 1846 ran out, the Funds must be most materially
depressed—confidence in our national obligations be im-
paired—that the Bank Directors must be compelled to
put on the " screw"—and, of course, that the palmy
days—long gone by—would revive of extensive specula-
tive business, but entailing losses upon those who had
momentarily become alarmed, and disposed of Stock.
Many, indeed, have been the events of the past year to
create temporary distrust—to excite apprehensions—and
to give a zest to Bear bargains in the Funds. But
though the tocsin of coming storms in the political and
monetary horizon, has very frequently been sot sided,
and loudly to boot, the efforts to induce a I.anic
have " come like shadows" and have so " departed.'
The great secret of the unpholding of the value of our
own Funds has been a course of steady, though com-
paratively small, investments in Stock. And it cannot
be questioned that where large sales of Money Stock
have occurred, the proceeds have been laid out in home
securities. Whether they be in railway investments, or
upon mortgage or what else, most true it is, that except-
ing payments of calls upon foreign projects of the second
character just referred to, scarcely a fraction of British
capital, the wealth of the country being considered, has
passed from our shores, in the shape of instalments upon
foreign loans, in the last year. It would be waste of time
and of space to enumerate here the many great events of
the past year, all of which are well borne in mind, and
how many have been the allurements held out for specu-
lation in Stock. But the past year, as far as time bargains
are concerned, has yielded less profit to the jobber and
the broker than any similar ptriod within the
recollection of the " oldest" member of the Stock
Exchange. It may be true that the new field
of operations opened of late years in Railway Shares
and Scrip have compensated parties for a lack of
business in Consols. It is so, no doubt ; but how
strongly does this fact bear upon the remarks already
made, of the confidence of the vast body of the national
creditors, in the maintenance of prices. Millions upon
millions of capital have been, and are still being invested
in the extension of old, and the constitution of entirely
new lines of internal communication. But with all the
4reat events in India, causing at the time of active ope-
rations intense interest, and no inconsiderable degree of
apprehension as to the results, with an impending load
of obligations, and calls anticipated (enlarged to an
amount the practical effects of which would have broken
the back of Hercules, when realised) in the railway
world ; in spite, toe, of the ruin prophesied in Protec-
,idi circles at the passing of the new Tariff Bill—of in-
surrections, and loss of life, and fearful presages of
destruction of property in the Emerald Isle—of a crisis
in the affairs of the great metropolitan corporation bank
—of commercial distress and vast misery—and other
less important points, we find the reduction in the mar-
ket value of our Stocks has been, up.m the average,
slight indeed. Was it not a justifiable course then to
pursue to case apprehension on the part of the stock-
holders, when false prophets were urging on a panic, and
to counsel parties to hold on ? But figures speak more
to the purpose than words. Here are a few of such
',tattling rememtsrancers:—On the Ist of January, 1846,
three; per Cent. Reduced Annuities were at 95; on the
Ist of Januray, 1847, the price was at 94. On the Ist
of January, 1846, Consols were at 94k; on the Ist of
January, 1847, they were at 934. On the Ist of January,
1846, the New Three-and-a-Quarter per Cents. were at
97*; on the Ist of January, 1847, they were at 95i.
• But it may be urged, that the lowest as well as the
higkest rates should be looked at. Of course they should,
and the more so as the comparison will further demon-
strate how fallacious have been the prognostications of
the Bears, that things must go from bad to worse. To
eive them credit, they have been most assiduous in their
vocation. The following values are collated from official
sources:—
FLUCTUATIONS IN THE PRICES OF STOCK FROM IST

JAN. TO 31sT DEC., 1846.
Highest Lowest 'Value on Ist Jan., 1847.
Bank Stock - 211 203 205
Reduced Annuities 981 i 92% 94 cd •
Consols - - 97% 94''893% do t
Exchequer Bills - 425. 4s. 9s.
* Cum dividend .I. Div. off.
A very marked fall will be observed in the premium
upon the Unfunded Debt. It arose principally from the
repayment of moneys to scripholders in man
i y new rail-
way schemes, deposits for which were placed n the hands
of the Accountant-General, pursuant to Act of Parlia-
ment. On the projects being abandoned, payments were
made to those who had claims on the committees.—
Observer.

EMEUTE AT TUE FRENCH OPERA.—The long an-
nounced representation of Robert Bruce took place on
Wednesduy at the Grand Opera. Of course the house
was crowded to repletion. Could it be otherwise, to
hear once again the new inspirations of Rossini, the mas-
ter of masters ! We leave to our ordinary critic the tasic
of rendering justice to the pi, cc and to the execution.
We shall here merely say a few words on a very dis^gree•
able incident which disturbed and threatened to interrupt
the performance. A certain degree of opposition was
evinced in the second act with a view to cause the failure
of Mme. Stoltz, who appeared to be suffering and agitated;
but who, nevertheless, sang in such a manner as to merit
the applause which she received. The actress, yielding to a
movement of ill•humour, tore h, r handkerchief iii
pieces, and her agitation was extreme; the minority be•
coming more turbulent, afterwards began to hiss, and
Madame Stolz, interrupted in her part., was about to
suit the stage, but was held back by Mademoiselle Nand
She exclaimed, loud enough to be perfectly heard,
" This is insupportable. They are unmanly enough to
insult a woman. lam ill, exhausted, and I cannot con-
tinue thus." She accompanied these words with sig-
nificant gestures, in the midst of great tumult, in which,
however, the applause greatly prcdominatesl,
proved that the great majority of the audience did noti.
join in this ungenerous manifestation. Several, who had
not before applauded, then began to do so, in order to-
mirk their disapprobation of what had been done.—
, Galignani,