The Sun.
London, England, 1841-06-17 00:00:00

,p‘e
EVENING EDIT4ON.

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circumstances not absolutely ffee'from the sinpicion` of jobbing,
and to parties not always capable cf showing, mtlat • leas/if:-
able consideration ' they have paid for 41eir.:bargains ?"
If there be any force in our Cotm.porarys_._argu-
ment, the efficient discharge of tili 4 Tpre.e,nt-tii:
function in the House of Commons is altogether inet+iiitiStp',
with the allegiance due to the Sovereign. If, as implied to
the above extract, fsMinister sworn to uphold, maintain, and
vindicate the. privileges of the 'Monarch., cannot cinsistently
acquit himself of the duties incumbent no a delegate of the
London constituency, then ought the metropolis to seek out
some four rebel representatives, such as it can have no diffi-
culty in finding amongst the Bradshaws and other malignerS of
her Majesty, with whom, as a faithful type of the Tory Char-
tist union, might appropriately be associated one or two of the
most violent of those now suffering penalty for political offences.

MONEY MARKET and CITY NEWS.

FROM THE MOANING PAPERS OF TIM BAY.
CHONICLE.—The proceedings at the glorious demonstra-
tion yesterday in the City of London Tavern, to receive Lord
Jahn Russell, affords gratifying evidence that the leadiog capi-
talists, bankers, and merchants of the City coincide with ue in
opinion, that the adoption of the measures of fiscal and finae cial
reform proposed by the Queen's Gocerrunent is essential to the
safety of the Bank. of England, as the main-spring of public
credit requisite to restore life and energy to the trade and pro-
ductive resources of the country, and to guard the Money
Market against fresh convulsions and panics in time to mate.
It is peculiarly gratifying to see the flothsehilds, the Lords, the
Gurneys, the lioares, the Smiths, and many other houses of
great wraith and influence, coming forward on such an occa-
sion to give the weight of their presence and example
against the continuance of restrictive duties, :hi in favenr
of a Liberal commercial policy. The London bankers
generally support free trade, and we are confident that a large
majority of the citizens, including the proprietors of the Bank
of Eng.and, entertain similar principles. They have long
been supported by Mr. Beesley Palmer, Mr. Vattienn, Mr.
Norman, Mr. Grenfell, and other Directors of the Bank of
England; and we are persuaded that there are many converts
to the saner views among the proprietors of Bank of England
stock, which will be manifested at the first. fitting opportunity.
It. cannot be otherwise, for the best of all reasons—that their
interests, as Bank proprietors, are one and the same with the
great body of the people.- It is the interest of the latter to
obtain cheap food, and it is the interest of the former that they
should always have it to save the coffers of the Bank from the
heavy drain which nearly cleaned them out in 1839. Without
including the loan of live millions and a half borrowed in
that year from the Bank of France, the bullion taken off from
the Bank has never been estimated at less than seven and a
half millions of money, the average price of wheat during
that year being 70s. per quarter. In 1840 it is esti-
mated that. in the face. of an abundant harvest the price of
foreign corn imported wax, not under 3,000,000/., the average
price being kept at a range of from 645. to 685., in order to
suit the views of speculators. Suggosing, then, that the sub-
stitution of a fixed duty would keep wheat at a 'steady prick
of about 30s. per quarter, the drain upon the Bahl. in the
- event of a heavy importation would be diminished by the ex-
tent of the difference of price per quarter nearly Niue/ to
3,000,000/. in. 1,?3,9, wed to 1,000.0001. in 1840, even sup-
posiug that the price would still be remitted in gold,
instead of being taken in the manufactures of this costri-
try. But •the naked state of trade with the 'Continent,
which takes nothing from us but gold, is by no
means likely to continue under a free trade principle of
international intercourse ; and besides the interchange sf
products with the Continent, we should hare a great addi-
tional demand for our goods in the American markets.
The complaint at present is, that the ports of the Uni•ed
States are glutted with British goods, but it is care-
fully concealed that the glut is occasioned very much by the
inability of the Americans to buy them. The supply exceeds
the demand no doubt, but if we bettered the condition of the
purchasers by admitting their staple articles of produce into our
parts (their flour and " bread stuffs," as the Americans term
them) at a moderate fixed duty, the glut would disappear, and
the demand would far exceetLibe Ripply. Be the great in-
crease of our vepert trade, both with the old %voila and the
new, under a revised and liberal tariff, the Bank of Eng'arid
would, in fact, be relieved front the recurrence of such a drain
of bullion as that which nearly made her stop paymert in
1839, and great additional reoite ' for the employ merit of,
capital in banking business ' would Ise occasioned to supply
the wants of our extended production. This accounts
clearly and satisfactorily for the support which the measures
of the Queen's Government have received from th ;
London capitalists and bankers. That support will not be
confined to the bankers within the City. It will be general,
we are confident, among all the country bankers, fu: gentle-
men of their practical knowledge and intelligence cannot fail
to see that their interests and prosperity are identical in the
present crisis with those of die people. The joint-stock banks
have the same real grounds for adopting the same line of con-
duct, although these institutions stand, no doubt, rather in a
i eculiar position. The interests of die proprietors as bankers
are plaisly in favour of. a free trade ; but in such extended
constituencies the cats interests of many of the shareholders,
as part of the protected ela.,es. may be at variance with the
success of those treasures, ehich would tend great'y to ex-
tend the business and profit of the banks in which they are
concerne! That is an anomaly unavoidable in such es•ablish-
meats, and it is for the shareholders to decide which interest
shall have the preponderance.
It is stated in the leading monopolist Journal te-day thatthe
deputies of the Joint Stock Banks have resolved list to take
any part in the approaching elections. This, perhaps, is the
safest course they could bare resolved upon ; for if they should
interfere either way, some of their proprietors would he offen-
ded., lf, however, they saw the question in its true end preper
light—if they would consider it simply on its mei its, and not
on political or privete grounds, we are satisfied that, as bankers,
they could not hesitate to declare for the abolition of monopo-
lies, as tending most strongly to increase trade and monetary
trainatei ma The deputation threw out a hint, through their
organ (that of monopoly), that although the Joint. Stock Bank
Committee will " tali,: no part. in the elections, there is
butt little doubt that. a bias will be given to the Directors
amt shareholders—hi their individu it capacity—and that
they -ell give their eons to etteh caridihres as thee.
may conceive favourable to their own 'views on banking." ‘Xe
do not know the cempoeent partsof thlsieint Stock Bank Coat-
mittee, but if the statement we have quotee he official we con-
sider them a very inconsistent body. 'they first say they will
take no part in the elections. and then, in the same breath,
very saterly announce that they will do the very reverse; fee.
they couchette by stating, that they will endeavour to " hiss''
the Directors and shareholders, in their individual capacity, and .
" vo'e" for the candidates they conceive favourable to their
own views of banking. What three views may be we are taut
infermsd, and we shall not attempt to guess ; but the no'sion
of foisting in their " views of bauking" as a bone of contention.•
in the coming convect' is rather too much, particularly when
they do not -take the trouble to tell us what they are. The ,
deputatien of joint-stock banks will act most wisely and ju- '
diciously, either by adhering fairly and honestly to their I'
declaration of neeesality, and not blowing hot
.and cold -
in the same breath, or they will at once endeavour to
" bias " grade Directors and Shareholders to give their " 'votes."
'in favour of those candidates who denounce monopolies, and
support the •Ministerial measures of fiscal and financial reform.
The Deputation should do their best for the success of those
reeasur,s, for their success is necessary to the development of , '
our nationil industry, and to cause a healthy action in the Me
ney Market. A stringent and limited course of banking must •
continue until restriction gives place to foe trade, and thew '-
should therefore be content to allow their peculiar views itir
banking to remain in the hack ground until a more fitting and -
cenvement season. Let them follow the example of Mr. Jones
Loyd, and other City bankers, by putting their shoulders to
the wheel, and lending their best assistance to the common
cause. We should then have the satisfaction of seeieg their,
motives and actions vilified and denounced in columns where,
the greatest abuse is looked upon as the greatest praise
,by '
honest men. The Deputation of Joint-stock Banks have no :
interests in common with the monopolists, and the sooner they' ' •
leave their company they will be the more respected, and mitres j
likely to meet with support for their " own views of bmking' "'I
if they really be deserving of it, when the proeer time for die-1 •
cussing them arrives." A
TIM ES. —The interest which is felt concerning the ape ...
proaehing election is so great, that not only does it cause an
Interrupt ion cf business, but it is the all-eugrossing subject of
conversation in the City. At the coffee-houses and other re-
sorts of gossips on 'Change, awl even in the streets in the
vicinity, netleng is heard loft conjectures as to the success of
the contending parties end the obstinacy of the struggle. One
rumour is, that the Vilies party feel them.elves so weak that '
they have tried to some to a compromise with the Conserva-
tives, the result of which would he the election of two candi-
dates on each side ; but that the Conservatives, strong in their
cenfidenee as to the issue of the struggle, have mused. a B
overtui es of the kind. Although it is believed that the victory
of the C.onerrvatires will be far more decisive than the ob-
taining a mere equality with their adversaries., still, such a
result even as this wcuhl he a serious loss to the Ministers, by.
drpriving them at once of the four votes for London.
It is scarcely possible to conceive the existence of a motes .
stagnate state of busieess than at present ervadeep the whole '
oatftieln'etZ, ';;l:ttAltlian Market
; and
if ativthicg were. wanting to abstrac
could more eifectuallv sto it thau the excite
meta everewhere apparent connected \with the elections. As -
this is lik.qy to Lear away all parties, whether speculatively
inclined or not, the present ntruggle. being one of more than
ordinary importance, the most experienced dealers contickutly .
express the belisf that. as the principal of the money
required
fOr the severel contests has already been
eitb,irawn from the:
market, there w ill be no material nacre ass in bus nhrs..
or flue' tenieris in ratite till they are conch, ded. At least, if
tiuctuatien should occur, they mile lank •a ione cause as likely !
to I:roiliest it, which would be unfavourable news either fromt
China or the East India presidencies. Meney is easy t. 4
J per erne, as we stated Yesterday, and while there is littleo ,
business in the market it is likely to reraain so, although it is •
not impostale that large operations might occasion a temeorere

Fe2rvity.
SUN.—Having but little else to fx'cul'Y their at',:cm..
dolt, the jobbers in the Foreign Sc,,itrities. and is Can
apps, have shown an inclination to do :I little business iu
the betting line, by bkkitlijz and ,king odds according us
their Conservativ;. or Liberal inclinations predominate,
relative to the prospee; of succors for the newcandidates
to represent the City o':Londun in Parliament. Of course
Lord J„1„, missal is the chief card with them, and wtt-.
"believe that very few would be temptc!l to lothive inn
against him. In other respects tu-day's 4,prations7.la ;re:
Stuelt Exchange require no especial commentary, the
value of the leading 6toelts havityl: fluctuated to :t very
trifling extent. consols neat steauy at 89-4,, buyers and
oiler's, ibv the opening, ex, tilvidentl; the ifedneed Tir
per Cent. ,kmuuLies rexiised 89 to 89k; Th 'rf
to 9;4, speeld transfers for money. l'ixehegne.
halfa p'r Cent, iledneed, 9S to awl the- yrQr'""r
aintlipttv.e4tliinteo t;.s). D'-uswtre
Bonds ' a. but India
The transaetiuns nt the :Foreign Marl
the sante uninteresting eh:trader,. s et were again or
a shade Iwt ter, viz., 224 to 2:)4 -12r.,:nish Actives were
Carnbiwl, Itus,itut, w.lA' 7 were 2;1-
and Dutch
Nett pr 'Cents., 571 to ; Dalai'sb; 78;
The Share '..-tiarket ms",
of renewed sales. The _tt:si again under the infittener‘
Great Western RE.:. more current prices Wen these:—
the- 'llls Gwi Away 26 to 24 the New 12i to
New 22, tins
Brightor . the London and Birmingham 67, the •
the Southestern 1.55 to 14,1 premium.
. were 54 to 61, 7, Eastern Countios
'S• and South-ntstetn 171 discount. Colonial Bank
hares were 10 to 91-, and Union of Australia at St prem.
Valuable a, colonial trade may be to the British empire,
somf., or the merchants in our transact rive possessions
regard too coldly the value er ear foreign trade, and bo-
cause it is declining; a fict which even thee admit, up-
pear to imagine that Jahn Bull int!:,t abrAetxttraitr.ll a:. r,
once as a bald ga
d me, without even a ttemptingtO rset . ►
in motion again by putting his shoulder to the wheel
We have a proof of this in the following et of t 1
recent commudeation facu Canada. The writer

serves :
Ncrrtheless, it is certain that our forkign trade and
interceitrse with all the world has, upon the whole,
creased,- and in plant' quarters most rapidly, during tho'
las iii-
}, twenty s't'ars.' then, it may he asked, have :t
the British' to:•roll•Ants -iound e'omnensatior, 21i they
unquemionatelv nutst have done, for the decline of them
tralif! with Stat.s 0: Europe ? The answer to
this it 9 61-111 d in th, pKodigious iacirease of our rolu-
,

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