The Sun.
London, England, 1840-07-15 00:00:00

London.
The course of exchange at New York on London is
1064 per cent., and the par of exchange between England
and America being 109 23 40 per cent , it follows that the
exchange is 2.82 per cent. against England.
This was settling-day in the Share-market, and, though
the continuations were high (about 14 or 15 per cant. on
Great Western), they wero not equal to those of the lest
settling-day, nor has the account been so large. The
market for shares has generally itnereved. Great Wes-
tern are 38 to 9 premium; Birming'na n, 96 to 8 premium ;
Blackwell, 2 to I premium ; Brighton, tii to discount.
The amount of bills on foreign places otferiug for nage.
tiation to-day being very small, and there being a good
demand, particularly for paper on Hamburgh, there was a
consequent depression in the rate of exchange upon that
place, as also upon Amsterdam and Paris, though not to
the same extent.
A letter has been received from a Correspondent, for-
merly a resident in Barbadoes, who is decidedly opposed to
emigration to the West India islands. He takes the strong
position that it is not to a want of labour that the defi-
ciency of colonial produce is to be attributed, a position
which, if once fully establiahed, would solve a host of ques-
tions. In bad seasons, and the faults of the present planta-
tion system, he would find the causes of the deficiency ;
and, thou6h his assertions are unsupported by statistical
arguments, and the evils he complains of are not given
sufficiently in detail, it is right to observe that his views
are the same ; s those of Mr. Jeremie (whose book was
noticed some time ago), looking for a remedy in the cir-
culation of labour among the islands themselves, and not
in the transportation of Coolies, or any other unfortunate
distant people, who may he selected. The proximity of
the West Indian colonies to each other would render this
circulation of labour the mildest form of immigration (if it
may be so called), and ono the least subject to abase
Our correspondent maintains that Barbadoes could well
spare a third of its labouring population for the cultivation
of the other colonies, and preserve its own cultiva-
tion at the " present" average of 40 per cent., pro-
duction above the average of slavery. This again
accords with Mr. Jeremie's statements, who shows
the real superiority of free above slave labour, and as-
sects that the present high prices are but temporary,
and that the crisis is even already at an end. The
statements in another letter, referred to on the 10:h inst.,
are contradicted by this correspondent. The assertion
that the planter does not at present receive above 1 per
cent. on his capital is answered by another that the market
price of West India property is greatly increased, and that
many persons are ready to purchase and but few to sell.
Having travelled through the principal of the Windward
and Leeward Islands this year, and for the purpose of col-
lecting evidence on the subject, our correspondent asserts
that he did not meet with a single estate the proceeds of
which did not equal current demands. On the same
journey he collected from documentary evidence that
wages have not been doubled (as was asserted) since the
time of apprenticeship. A third allegation, that the "ma
jority" of freed men had become hucksters and small shop-
keepers, is met by the fact that the emane'pated =laves ex-
ceeded 800,060, constituting 9.loths of the colonial popu-
lation, and that consequently it would be impossible for a
majority, or even 1 in twenty, to find room to carry on
their business, although a few have turned their attention
to petty traffic.
Nothing can be more perplexing than to find matters
of fact—not mere opinion—thus placed in contra-position
to each other, and both by parties who, coming from the
spot, and having considered the subject, are entltied to be
heard with like attention. At the same time, it is ex-
tremely probable that in so large a territory as the whole
of the islands observations may have been made which are
quite true with respect to the several districts to which
they apply, and yet utterly contradictory when brought for-
ward without limitation. One fact is known to all who know
anything of the mater, and that is, that colonial sugar is at
present so dear, that the price is oppressive to the con-
sumer and encouraging to the slave worker. One opinion
must be admitted, and that is, that the proposed remedy of
emigration from a distant country is liable to the worst of
abuse. While information as to the causes of the decline of
colonial produce is so incomplete and so conflicting, it is
hard to take a decided view of the proper remedies to be
adopted. The most accurate statistical information must
be obtained, to show the cause or causes, whether natural
or otherwise, that have contributed to the scarcity, and be-
fore then it will be rash to attribute it to one cause alone.
General assertions will not be sufficient, but the effect of
circumstances or particular localities must be stated before
the cause of evil, much more the remedy, can be known.
At the same time, in the present uncertain state of the
question, the scheme for circulating labour among the
islands, supported as it is by respectable evidence, is the
one which, provided no statistics hereafter afforded shall
prove its insufficiency, will be most acceptable to the feel-
ings of humanity.

SUN.—The English Funds closed steadily. Con-
sols for Money at 91;1, and for August about 92-1-;
Exchequer Bills at 325. premium ; Reduced Three•
and kHalf per Cents. at 1004 to 1001 ; and East India
Stock at an- improvement to 254.
The Foreign Exchanges were much the same as on
last post day.
Spanish Stock rather improved to-day, in the absence,
however, of any particular cause. The Active Bonds
brought 27i to 28k, and the Passive 6/ ; Portuguese
New Five per Cents. were dull, at 351 to 35i, and the
Three per Cents. at 23i to 23i. Mr. Richard Thorn..
ton, the Chairman of the Portuguese Bondholders,' has'.
received a communication from F. Pereira Ferraz, noti-
fying the intention of Donna Maria's Goveronient.
shortly to submit some plan to the Cortes, forTenablialp
them to do all in their power for the foreign creditors.
The document is as follows :
(Translation.)
"Department of the Accountant-General.
ILLUSTRIOUS SIR,—I have placed before her Most
Faithful Majesty the letter you addressed to me, under
date of May 27, last. The conditions proposed by you
in the said letter as the basis of an
_arrangement upon
the subject of the payment of the dividends of the
foreign debt, will be maturely considered by the Go-
vernment of the said august Lady, which continues un-
remitting in its serious attention to this most import- i
ant object, of being able to submit shortly to the (IL-
liberations of the Cortes what may promptly enable the
Government to perform everything compatible with the
resources of the country on behalf of the holders of
Portuguese Bonds.
" I ought to assure you on this occasion that it has
been extremely agreeable to me to observe the delicate
manner with which you treat me, to which I will endea-
vour to correspond by every means in my power.
" God preserve you, &c.,
FLORID° ROIZ PEREIRA FERRAZ.
" Public Treasury, Lisbon, July 6,1840."
" To the Most Illustrious Senor Richard Thornton."
Colombian Bonds have been dealt in a good deal to.
day at 271 to 281 for the Six per Cents. of 1824, and
Mexican Bonds of 1837 have been tolerably steady at
33 to 331 ; Dutch Two-and-a-Half per Cents. hate
touched 532-1 ; and French Five per Cents. have alter-
nated from 118 to 117, 75.
The Railway Shares have evinced a slight tendency
to improve. Great Western have been done at 391; ;
New 18 ; Blackwell at 21 ; and South Western at
201 premium. Brighton have been 64 ; Midland
Counties 10 ; and North Midland 7 discount.