The Sun.
London, England, 1840-08-14 00:00:00

MONEY MARKET and CITY NEWS,

(THURSDAY EVENING.) t
CH RON IC LE.—The rumour to which we briefly I
alluded yesterday, that the Bank of England intended I
to sell the •‘ dead weight" lids been spoken of today I
with more confidence, and the weekly meeting of the.
Directors was looked to with interest, but nothing '
transpired upon the subject. We have heard, however,
that the select committee on banking expressed a strong
opinion that the rule of 1832, declaring that the bullion
in their coffers should stand in a proportion of one-third
to their notes in circulation, ought to be generally adhered
to, although there might be occasions under which
some deviation might be allowed. One of those occa-
sions, we presume, may have been the occurrence
lof another large importation of grain, such as that
flit—
they
uhealll'e so, b
the coming harvest may be an average one ; but, as has
of last year, producing. a drain of bullion to the
amount of eight millions sterling ; but it must be re-
membered that if the directors had adopted the course
which prudence dictated when the specie began to leave
them, they never would have been in the prostrate con
dition in which they were placed, compelled to have re-
course to an immediate loan on most onerous terms
from the Bank of France to preserve them from what
appeared at the time something verging upon the edge
ae td
expectation there
of bankruptcy. At present the Exchanges are flit—
protpect of an improvement: Money, on the other
hand, is east, while there is. no great opportunity of
advantageous employment for it. The crops look well ;
lately been well reMarked by a correspondent, ~ an
eaetnlesoastt,haes wtohowlear:..aenatr—th
I average crop is not enough for us ; we want more than
f an arverage when we find our populationincreasing at
a ratio exceeding one thousand ;mail per day."

stock on hand is limited, but still we are,
upon the whole; in a healti,y state; and we ought;
therefore-, to look well Abobt us in drder to be fully pre-
pared for what may happen. 'lf the Bank parlour,
then, were to proceed at present to reduce the Circu-
lation, so as to bring it gradually dOWn to firi amount
equal to One-third of the bullion in their coffers (for we
do not see how, instead of that, they could sufficiently
increase their bullion under existing circumstances),
they would only be doing that in time, and at a period
when it could be brought about with the greatest ease
to the public, which, if they should put off under the
belief that every thing will Cottle round again, and that
they limy trust to the fine weather and an abundant
harvest, they may find it impossible to accomplish
when they may be most desirous to effect. There is
nothing, it is true, in the present amount of the circu-
lation, or in the bullion in the Bank, which abstract-
edly and of themselves should render any immediate
restrictive action on the former requisite, unless the
directors anticipate further heavy importations of fo-
reign grbin ; but there is no system worse than that
which procrastinates measures of precaution until the
enemy is knocking at the gate. The true policy is
the decisive one, and that which meets future evils
by present preparations.
If the Directors nf the Bank of England trust to the
continuance of fine weatht t and an abundant harvest to
turn the exchanges, it is most likely they may be right,
but it is also possible they may be wrong ; while in
squaring the amount of their notes by their bullion they
cannot possibly be wrong, but will be acting on a sound
commercial principle, which ought never to be lost sight of.
It has been mainly by neglecting it that the Bank has
been placed in former positions of difficulty, and that the
mercantile community have been subjected to those
sudden expansions and contractions which, by making
money cheap to day and dear again to morrow, have
been attended with wide-spread ruin and distress.
We observed in yesterday's Chronicle, that the ex
change on Paris was lower, and it is ascertained that
this depression has ueen aggravated by parties in France
who apprehend hostilities, and who have sent over secu-
rities and bills of exchange, with instructions to make
immediate remittances, fearing that if war break out the
currency of this country would be depreciated.

SUN.—We had the Pigeon packet in today with
advices from Rio de Janeiro of 31st May ; by way of
New York accounts have reached us to the 4th June.
Commerce was brisk and the markets were pretty
steady. The exchange on London was 3011 with very
little doing, and metals were nominal. A corres-
pondent writes—" The British Minister and Admiral
told me a few days ago, that answers to despatches
sent to France arc expected in six weeks, which they
think will lead to final arrangements for the peace of
Buenos Ayres."
The Stock Market was heavy all day. Consols fell
from 911 to 90i- 'T7,- for money, and 918 to 90i, closing
at for the former, and g for the latter. Exchequer
Bills receded to 23 to 25 premium, and India Bonds
to 1 premium and 1 discount ; Bank Stock was -1 per
cent. lower, the depression being from 173 to 171 :
the Reduced Three-and-a Half per Cent. Annuities
dropped to 99g ; the New Three-and-a-Half per Cents
to 99g- 1, and Three per Cents to 911 :g. Rather a
large business was done at the decline.
The Foreign Securities were all a trifle lower, but
the transactions were unimportant. Span.sh Active
Bonds receded from 26g to 258 ; Portuguese New
Five per Cents. from 34 to 33g to 34, the Three
per Cents. from 224 to 224 ; Mexican Six per Cents.
from 291 to 29 ; Colombian Bonds of 1824, from
25g to 25g, and Dutch Two-and-a-Half per Cents.
from 52i to 52, closing at 52g. The Three per Cent.
Belgian Bonds were marked 72 to 73.
The Railway Share Market has been in a very unset-
tled state, and prices are all lower to-day. The Great
Western Shares, which closed last week at about 38 pre-
mium, have been down to 26 to-day, owing to the re-
ports in circulation that more money will be required to
coaiplete the line, and also in part to the delay which is
likely to arise in the opening of the part between Bath
and Bristol, in consequence of the law-suit the Com-
pany is involved in as to a right of way. London and
B.rmingham fell to 75 premium, ex-div., and New Great
Western to 111. North Midland were at 3, South
Western at 17g, and Blackwall at premium. North
Midland were 11i, Northern and Eastern 71, and
Brighton 9g discount. London Joint Stock Bank
Shares keep steady at 21 premium.

NE W S FROM THE MEDITER-

RANEAN.

MALTA, AUGUST s.—Her Majesty's ship Magici- I
enne arrived here from England, Gibraltar, and Bar-
celona, on the 29th ult., after a passage of only sixty-
four hours from the last-mentioned port ; and the
Daphne, on the same day, in forty-four hours from
Naples, bringing the official advices of the abolition, on
the 21st, of the sulphur monopoly.
On the 31st ult., the B >iibow and Implacable, and
on the Ist the confiance, o arrived tram Naples,
where no British ship of war now remains.
The Talbot took her -departure for Constanticople
(calling at Vourla) on the 31st ult., to relieve the ado
on that station. The Belleisle sailed on the same
day for England, and the Daphne on the 2d inst. for
Vourla. The latter will be followed shortly by the
Benbow, Hazard, and Magicienne, which will increase
the British squadron in the East to nine line of batt:e
ships, three frigates, five sloops, three brigs, one cutter,
and five powerful steam-frigates, matting a total of
twenty-six pendants.
The Implacable proceeds to Barcelona to receive on
board the guns and stores saved from the wreck of the
Tribune, after the conveyance of which to Malta she
will also proceed to the Levant.
The Mccr'ara arrived with the mails from Greece and
the lonian Islands on Monday night, and conveys the
same with to-morrow's mail for England to Gibraltar,
from whence the Volcano is hourly looked for with the
London mails of the 18th ult. The Prometheus, with
the overland mail from London of the 4th instant, will
be due here about the 12th or 13th, when the Alecto
will be despatched to Be!.rout and Alexandria with the
mails for Syria, Egypt, India, and China.
The Bombay mail of the Ist June, by the Suez route,
has not yet reached this. The Acheron, which con-
veyed a Queen's messenger to the Levant with de-
spatches for Lord Ponsonby and Sir R. Stopford, is
daily looked for, and will most probably return in pra-
tique, having taken a qqa7antine guard on board.
The Hydra, with Rear-Admiral Sir J. Louis and
family, is hourly expected from Constantinople and
Vourla.
The last French mail from Marseilles, owing to the
putting back of the Rhameses, was detained at Malta
until the 29th ult., and on the 2d instant the Papin ar-
rived from Alexandria with despatches for Toulon, with
which, after coaling, she proceeded yesterday.
The Austrian corvette Lepsia came in on the 2d

instant from Tunis, whence she sailed on the 9th ult,,
and brings accounts of the arrival there of the four
French ships of the line which left Toulon on the 14th
ult. under Admiral Rosamel.
We extract the following from a Toulon letter of the
Bth inst. :—" This morning the Pepin steamer came in
from Alexandria, whence she took her departure on the
27th ult. with M. Perrier, the French Envoy to the
Viceroy, and despatches from M. Cochelet, the Consul,
which were immediately forwarded to Paris by estafette.
She reached Malta on the 3d, and continued her course
the next day. The arrival of M. Perrier at Alexan-
dria produced great sensation. During his stay in
Egypt the Consuls of the different Powers were very
active in their intrigues, but his mission was preserved as

a profound secret V Rumours of war were in circula-
tion at Malta. On the 3d Mr. Moore, an English
Cabinet courier, arrived in the Minos with despatches
for Admiral Stoptord, which he carried on to the Le-
vant in the Acheron steamer, which the authorities
hastened to put at his disposal." .
The following are the names of the frigates now tit•
Ling out at Toulon :—Uranie, Iphigenie, Circe, Inde-
pendence, and Melpomene. The works are proceeding
with unusual rapidity, and the strictest orders have been
liven to have these ships ready by a certain day. Ad
leaves of absence for naval officers have been recalled.

ANTI. SLAVERY MEETING —We have re-
ceived a letter from Newcastle describing the " disgraceful
conduct of the Chartists and Socialisw at an anti-Slavery
meeting" in that town. It appears that on Monday
evening an wijourned meeting was held in the Primitive
Methodist Chapel, Nelson-street, at which were present
the Honourable J. Birnie, and H. B. Stanton, Eq., both
from America, and Scoble, Esq., a Missionary, as also
the Nev. Wllliam Bunting, and several other gentlemen
and Ministers of the Gospel. Mr. John Fenwick, in con-
sequence of the absence of the Mayor, who was prevented
from being present on account of urgent business, was
called to the chair. The Chairman then stated the object
of the meeting, and introduced the Hon. J. Birnie, of
New York, whose address was listened to throughout with
but little noise or interruption. An interruption after-
wards took place, in consequence of some Chartists in-
sisting or their right to be heard ; and the Chairman was
obliged to dissolve the meeting. Our correspondent
describes the scene in rather strong language, and applies
certain epithets to individuals, which lead us to infer that
there was a great deal of party feeling mixed up with the
commotion, but that part of his letter we cannot insert.
THE EXECUTIONER IN FRANCE.—The situa-
tion of a public executioner has been in France from time
immemorial eagerly sought atter. Notwithstanding that
executions have become ccmpsratively rare in that coun-
try, the candidates for the office of bourrenu are incredibly
numerous, and they are, generally speaking, men of sub-
stance, if not of consideration. " Out of 40 applications
for the place of executioner," says the National, " seven
were backed by the recommendations of deputies. No
doubt those seven candidates were electors. This re-
minds us of a fact mentioned some time since in a pro-
vincial paper, the Hon) de Caen, in a town, the name of
which we forget ; the executioner was an elector, and
the first President of the Royal Court was not." In order
duly to appreciate that which we have just written, it
should be recollected that the qualification for an elector
is, that he should pay of direct taxes 300 f. per annum,
and that the whole constituency of France is hardly
200 000. It thence appears that of those 200,000 of the
elite of France, one at least in 5,000 desires to become
an executioner