The Sun.
London, England, 1840-11-19 00:00:00

EVENING EDITION:

MONEY MARKET and CITY NEWS.

(WEDNESDAY EVENING.)
TIMES.—Money, though still in demand at the
Stack. Exchange, is not so scarce as it has been for
the: `.ast two days. It nevertheless yields three per cent.
o-a Consols ;31 to 4 per cent, for from one account to
Another ; 4 to 5 per cent. on Reduced Stock ; and 4
to 6 per cent. on Exchequer Bills. The advanced
-prices of yesterday in the English Stock-market were
not supported at the opening of business to-day, and
Consols soon declined to 89 for money and the account.
No other cause than that of a pressure of money can be
assigned as tending to weaken the market, whilst the
operations in the later hours of business produced
symptoms of general heaviness.

CHRONICLE—Mr. Leatham, of Wakefield, in
his recent paniphlet on the currency, corroborates, in
pithy language, our remarks on the disadvantageous
operation of the branch banks of the Bank of England
in times of monetary pressure. He says—" Another
error on the part of the Bank has been the formation
of branches, which are so many points of attack in
times of discredit, and all require deposits of bullion
for their preservation. The Bank has endeavoured
through these branches to induce other joint-stock
banks, as a step towards obtaining the control of the
issue of notes, to give up their circulations, and to
adopt instead that of the Bank, and has offered the
inducement to grant a discount account for a limited
number of years at a low rate (say three per cent.)
to the extent, in some cases, of 300,0001., when the
previous circulation of ❑otes of such ban::s has not
exceeded 50,000/. During the last year, in the
scarcity of money, which had risen to eight per cent.,
and ten per cent., and while the Bank of England
was straining every nerve to reduce its circulation of
notes on account of unfavourable exchanges, these
orivileged joint-stock banks were discounting at full
swing through the Bank of England to large profit,l
paying 3 per cent., and charging 6 and 7 per cent. To
use n vulgar comparison, while the Bank was driving
the btrhg into the barrel at one end to save the ale, a
number of gimlet holes had been left open at the other
end, which could not be stopped by agreement. It is
no answer to these home truths that these branch banks
are profitable auxiliaries, and that if they are the
gainers by the agreement when the value of money is
high, the Bank has the benefit of having their notes
put in circulation on advantageous terms when money is
abundant, so that the operation on the average is mu-
tually beneficial. This is true enough perhaps, but k
is not a legitimate plea for the Bank to make use of in
the discharge of its public duties, because, as the es-
tablishment charged with the regulation of the national
currency, its functions should be simple and disinter-
ested, actuated by no motive of private or individual
gain, but directed solely to the public good. This can-
not be the case while the national bank of issue has
private interests to serve which clash with the faithful
performance of its duties to the country.

POST.—An influential broker continues to relieve
the market of its surplus or floating capital in Bank
paper, by throwing out Exchequer Bills to meet such
sums as may be seeking investment. The knowledge
that fresh supplies of_ foreign bonds are in the market
sufficiently explains the course taken in this respect.
Of the Brussels loan, lately negotiated, it is understood
that Messrs. Rothschild have taken one-half, the same
to be divided between London and Paris, though, for
the latter, we may suppose a small proportion only will
suffice, because the Parisians are becoming wise
in these matters, while in England people, much
as they have suffered in their credulity, have, we
fear, fresh ordeals to go through before they will
know how to take care of their money. Seeing
that applications for loans are coming from other
and less trustworthy quarters, we should not be
disposed, in ordinary times, to offer any great
opposition to the introduction of the Dutch and Bel-
gian. They are, perhaps, among the very best of their
class. The holder of the bonds may venture from morn-
ing to morning to look into a newspaper without the
smallest apprehatsion of an announcement to the effect
that the pay:tient of the dividends has been postponed
to a distallt day. There is a sense of honour sad inte-
grity iq both nations upon which an English capitalist
may rely with confidence. He runs no risk whatever of
tl4at confidence being abused, nor do we believe that it
will be abused on light and frivolous grounds ; but, at
the same time, we cannot avoid remarking that the
constant recourse which Holland and Belgium have
had to foreign nations for the means of meeting
their current expenditure argues a want of finan-
cial power and management which should at least
Inspire caution. This caution is the more necessary,
inasmuch as the system of borrowing that has been pur-
sued is evidently one with which the people, as shown
by the respective Legislatures, are becoming every year
more and more dissatisfied. Proceeding, too, fur any
length of time, there can be little question that it must
go to pieces.
The intelligence that the Brazilians are again candi-
dates for a fresh supply of money is really grievous. It
has, however, been for some time expected. _ .

If the public are determined to have more foreign
bonds, they must be content to part with their gold as
those paper promises are always exchangeable for Bank-
notes, and the latter for specie. They must also be pre-
pared to hear of an increased pressure upon the com-
mercial interest, because the drain will not be permitted
to continue'without an effort on the part of the Direc-
tors to retain a sufficient supply for domestic purposes,

SUN.—Public Securities were heavy all day, and I
at the close of the market showed no symptoms of a
rally. The latest bargains in Consols were at 88i to
89 ; in Exchequer Bills, at 2s. dis. to par ; in Bank
Stock, at 159 i ; in India Bonds, at 13s. to °Us. dis. ;
and in the New Three-and-a-Half per Cents., at
to 98i.
The Foreign Stocks have been dealt in to some ex-
tent to-day, but there has been a slight reaction in
prices from the high quotations of yesterday, owing to
the dearness of money. For present delivery, the
range has been lower than for the Account. On Span-
ish Stock the continuation has amounted to full per
cent., and on Colombian to about per cent. The in-
telligence from Madrid still notices the existence of
some unfortunate division among the members of the
Regency, and this causes the bondholders to be in
rather bad spirits, although a kind of half promise has
been given that financial matters shall early engage the
attention of the Government. The quotation of the
Active Spanish Bonds has been 24 to 231,
or per cent. below the current value of yesterday.
Portuguese New Bonds have declined from 36i to
35-i- and 1, the Three per Cents from 231 to 23 and
; Colombian of 1824, from 26 to 25i and a ; and
Mexican of 1825, from 30--1 to 29. Dutch Two-and-
n-Half per Cents have obtained 50i- to 51. French
Five per Cents 110 f. .30c. ; Chilian 56, and Danish 77,i-,
all being reduced rates.
The market for the Railway Shares is at present in
an uncertain state. To-day prices averaged lower.
Great Western were! at 18 to 17, New 7 ; Fitths
4t04- ; Birmingham 74 to 7.2 New 22 ; South Wes-
tern 13i ; and York and North Midland 15 premium.
Brighton Shares were 13'3 to 131 ; and New North
Midland 3i discount. London Joint Bank Shares were
at 21-premium .
The important subject of emigration to British North
America, makes it a pleasure to us to notice the efforts
of the Colonists to direct attention to the advantages
offered in their country to the ill-fed agriculturists of
England, Ireland, and especially the mountainous dis-
tricts of Scotland. The last arrival from Nova Scotia
brought us the following :

"REQUISITION TO THE SHERIFF OF THE HOME

DISTRICT.

" To W. B. Jarvis, Esq., Sheriff of the Hom-; District,

&c. &c.

" Sta—We, the undersigned, deeply interested in
the promotion of Emigration from the United Kingdom
to Canada, do request, that you will convene an early
meeting of the Home District, for the purpose of form-
ing a Central Emigration Committee, in Toronto, to
correspond and co-operate with the British North Ame-
rican Colonial Committee, now established in London ;
in order that, by constant communication and mutual
arrangements, every facility may he afforded to emi-
grants on their arrival, as to their location, settlement,
and employment, namely—By keeping registrations of
farms to sell, lands to locate, and labour required ; to
ascertain from landed proprietors what portions of their
lands they may feel disposed to surrender, for the en-
couragement of actual settlement and location ; and to
correspond with similar Societies in the other Districts,
to obtain such information as may be necessary for
emigrants intending to locate therein.
" Toronto, Sept. '23, 1840,
I. in :compliance with the foregoing requisition, I
hereby summon a public meeting of the inhabitants of
the Home District, to be holden at the Grand Jury
Room, in the City of Toronto, on
P.M.
Thursday, the 15th
day of October, inst., ,atß I .
eri ccSh •
.. B. ff, u.