The Sun.
London, England, 1840-11-02 00:00:00

MONEY MARKET and CITY NEWS.

(SATURDAY EVENING.)
TIMES.—By the accounts from Liverpool it ap-
pears that the restriction of discounts by the branch of
the Bank of England in that place, acting on the or-
ders from home, has become extremely rigid ; so much
so, that one of the richest private bankers was refused
discount for bills having only a few days to run. The
joint-stock banks in Manchester have raised their rate
to 6 per cent. and are curtailing accommodation as
much as possible. The private bankers are more free
in their loans, but demand a still higher rate, 7 per
cent, having been given on the best bills, having three
and four months to run, of the merchants and manufac-
turers, and endorsed by the joint-stock banks. This
has proved, however, a great relief, and the terms have
been readily submitted to, so essential is a supply at
this time for the autumnal trade. Among parties of a
lower class of credit the pressure has, of course, been
very severe, and as high as 10 or 12 per cent. has been
given on bills that would be termed good at any other
time, but not bearing a banker's endorsement.
A great number of short bills have been sent up by
the joint-stock banks to the London bill-brokers for
discount. Long Bills they refuse to discount on ac-
count of the late Bank notice. Some bills were refused
by a broker at a discount of 6 per cent. and k per cent.
commission.
In the English funds a good deal of business was
transacted to-day, and among the bargains closed in
Consols were several purchases, ranging from 25,0001.
to 50,000/. for investment.
Accounts from St. John's, New Brunswick, to the
10th of October inclusive, have been received. Fre-
derickten would for the future, it was understood, be
tln military head-quarters. Au union, sirhilar to that
of Upper and Lower Canada, was, it is said, contem-
pL: ed between New Brunswick and Nova Scotia. The
weather was mild. The thermometer at ten o'clock
was at 70 degrees—something unusual in 46 degrees of
north latitude.

The last papers received from St. Lucia allude to
the general state of affairs in the island, and.state
that en the whole they were much more satisfactory
than had been represented. It was true that in
common with the other West India islands the crops
suffered severely from the late dry weather, but
taking the island in proportion to its means and in
comparison with Jamaica, Barbadoas, and other of
Ill.! West India colonies, there bad been less falling air

in iho crop than in any of the neighbouring colonies.
The recent and favourable rain had been all that could
he desired, and there was every prospect of a fair crop
fer next year. The conduct of the peasantry was (Term-
ttoo-d. At St. Lucia news bad been received from
Murtinique that the new Governor, M. Duval D'Ailly,
vi arrived there on the 22d of August.

Private letters from Milan. dated the 24th of Octo•

b,r, mention the excitement which hat prevailed there
urn the subject of a war with France, and which,
from the altered aspect of affairs, may, probably have
d,:creased since the date. The literary periodicals
are said to be abandoned for those on political to-
pics, information on which however, not obtain-
without dill-leaky, as Galignanes illesseager, the
Ga:eite de France, and the Quotilienne, which are
loreigii papers licensed in Milan, are sab-
_

tha

_ .
lec!ed to a severe scrutiny at the censor's oPlce,
account of the extracts from other papers which
they contain, as well as the warlike tone even of these
irgitimatist journals. In the event of a war, the French
were expected on the side of the Alps, that being deenied
the most feasible point for an attack. The Milanese
.tre, however, not unprotected. They are guarded on
lice west by Piedmont, an armed neutrality whidli is sup-
ported hr 60,000 of well disciplined troops. By the
Tyro!, its fortresses, and the Bavarian contingent. the
Ati,trians can easily collect 150,000 men on the Swiss
rontier,. without weakening their fortresses in Lombardy.
Toc feelings of the people of 'Milan are described as
not being, on the whole, hastile to the Austrian powtr,
;lad it -is supposed that the coronation amnesty of the
Eliperor did much to mitigate the natural hatred of the
Italians.

POST.—The financial news from Spain is interest- I
ing. It appears that the Junta of Madrid has ad-
dres:ed to the Special Commission of War and Ecance
:el official communication ordering the collection and
examination of all the operations for loans, contr:- .Is,
leases, &e., made by the Government since 1. '.;-:,
nib a view to their publication. and informing tie
public of the means by which the Spanish trea, -ry
has been reduced to its present exhausted tt:.,e.
and the resources squandered." Tnis order, if
fully complied with, was expected to produce en
i ehibition. of " jobbing and corruption" of whieli
the equal was never seen in any country laying
the smallest claim to civilisation or honesty."- The
characters of individuals both here and at • Paris,
as well as at the fountain head of the iniquity, win
be vitally affected by the exposure, and it is to be hoped '
that means msy be founde making them disgorge their
ill-acquired wealth. We should have thought, indeed,
that enough had been already disclosed to warrant an
indictment against them. The order we have just
quoted is one of the first moves of the new Executive,
and we infer from the circumstance that an effort of
same kind will be made to restore the prostrate credit
of Spain. The exposure of past frauds on the part of the
Ministers and their agents, will not alone prove a gua-
rantee against future ones. The severest punishment
must be inflicted upon the criminals, and such repa-
ration afforded to those who have suffered by them as
may be within the reach of the Junta. The Treasury
Bill affair is a case to which the promptest attention
should be given. That . business involved the most
unexampled treachery and falsehood. The trifle in
question were advertised by the London Embassy to
be paid off on a given day. This was in 1836 ; but
there was a dethur, and a second advertisement ap-
peared stating that payment would certainly take place
• within " a short delay," the Queen Regent and the
Cortes being specially pledged to the faithful liquida-
tion of them. Four years have elapsed to day since
this Spanish Exchequer paper became due, and not one
farthing has been received upon it in the shape either
of principal or interest. The term " short delay" is
• indefinite, we allow, but it cannot, at all events, signify
a delay of four years, especially as a day of payment
bad been previously fixed. Mr. Isaac Lyon Goldsmid
issued the bills to the public, and another occasion now
presents itself to him of insisting upon the discharge of
at least the interest that has accrued upon them, which
amounts to 201. per cent. He ought not, in fact, to
rest for a moment until he gets the money.

SPIRIT of the PUBLIC JOURNALS,

FROM THE MORNING PAPERS OF TIIIS DAY.
' . (From the Morning Herald.)
The spirit and tone in which the supporters of Lord
Lyndhurst's pretensions to the High Stewardship of the
University of Cambridge, carry on the controversial part
of the election- struggle, is nut very creditable to their
taste, nor at all indtzative of a very profound reliance
upon the legitimate sources of success. Intemperate
advocacy betrays rather the irritable sense of weak-
ness than a calm consciousness of strength. The
example of the adversaries of Lord Lyttelton shall not
tempt us to emulate the Illiberal acerbity of language
which has been called into requisition upon this subject,
nor cause-us to deviate from that spirit of calm discus.
sicn which ought to characterise a contest of this nature
• —a contest fur high office in one of our ancient seats of
learning, dedicated to the teaching of those arlis inge-
nuas, the acquisition of which "Enzollit mores nee stnet
esse feros." One of those supporters of Lord Lyndhurst
who addressed the electors through the columns of a
Morning Journal on Saturday, seems to think that a
particularly rude and offensive tone is the most likely
to prevail with the learned and polished constituency of
9;ambridge. It is very possible he has made a mistake
in this matter. But, whether he has or not, we are
quite sure Lord Lyttelton would rather lose the high
office which is the subj,:ct of competition, than obtain it
by any means unworthy of his character and his position
in society. The writer, to whom we allude, brings to
his electioneering task such a rabid spirit of vitupera-
tion. that he actually accuses the friends of Lord Lyt-
.telton of " Jacobinism"—aye, even of Jacobinism, to
which be says, " no parallel can be fouud since the early
times of the French revoluti6n." This is fine and mag-
, niicquent. Hear him further! " Jacobinism, which at-
tempts to set aside the ordinances of nature, from a
burst of passion amounting almost to madness in a 1
1 lea." It is a very injudicious zeal upon the part of
i one who advocates the . cause of a Commissioner for
II the spoliation of cathedral property, to renal to the
public mind the recollections of Jacobinism, which
was distinguished for nothing more than a passion for
el;;l
a7iratiW"haatnsd tmdh
the
d eti
ll
eeLteratitnrsonn,lof
Chapterat acin st
of
feN oarb,lciischh-
(,.' th.. Bill which Lord Lyttelton opposed, but which
~,,,,-;;
,Lyndhurst did not oppose, and which was
r;,,,1y0 That learned and pious body
~,„,,i„,l the "Ecclesiastical Bulk :s
,aenadki. n
gl?
oe vies:
oz.::
es
them
iI:l:a;
:real!:
I..tcolii ilirtpi
,(r
ice
imc tnicesinji
1,o,;:vl_i:(0-t
, I,i
ii
~:: ,
gs,:,:t.nrootuv iso sicl:organ :27,,,
711it?eisito, describesbrua isti,l I
ill-tinedea
•ly not scruple in a/ ter times to appeal to it as. a
of still greater inroads." The' sante Bill
designated by the Dean and Chapter of
azs " Tiie first step in a course (f changes, which,
- •.11' the rights and ~ , .
reveii.ics of cathedrals,
-,,'' 1 1h
1 ,11 . tuning't''r
~1( ei:3iivti long.i with
' proceed to tire invasion of all collegiate
and eventually shake the
„
1 corporate institutions,

i ah