The Sun.
London, England, 1840-12-16 00:00:00

THE SUN,) LONDON, WE DECEMBER 16, 1840.

MONEY MARKET and CITY NEWS

(TUESDAY EVENING.)
T IME S.—By the advices from flamburgh, the price cf
gold is 425 rr mark, which, at the English Mint price if
St. 17s. 10}d. the ounce for standard gold, gives an ex.
change of 13.5 ; and the exchange at Ila-mburgh on
London at short being 13.4, it follows that gold is .47
per cent. dearer at Hamburgh than in London.
The premium on gold at Paris is 4 per mile, which at
the English Mint price of 3/. 17s. 10id. per ounce for
standard gold. gives an exchange of 25.25 ; and the
exchange at Paris on London at short being 25.271, it
follows that gold is .10 per cent, dearer at Paris than in
London.
The course of exchange at New York on London is
1061 par cent., and the par of exchange between England
and America being 109 23 40 per cent., it follows that the
exchange is 1.07 per ce:•:t. against England. But the
quo'ed exchange at New York being for hills at 60 days'
sigh!, the discount on these 60 days must be dedue!nd
from the aforesaid difference.
The Consol Market opened with a flat tendency at 881
to 881- ex. div., when a purchase by an influential broker
of 60,000/. stock brought the value to 89, but at the close
of business there were again symptoms of decline, and the
final quotation was 1181, sellers.

SUN.—We have had rather more business in the
Funds to-day, but it has been too much one way, viz.,
on behalf of sellers, and this led to a further slight re-
duction in prices. Consols for the Opening and ex.
dividend dropped from 88i and 89 to tiSt toi, and
although a large purchase made them rally towards the
middle of the day to 89, they retrograded again, and
closed at the prices above given. For the Opening and
with the dividend there was a bargain at 89i ; Bank Stock
was 1 percent. better than yesterday, viz., 157 i, but India
Stock for the opening was fat at 2381 ; EKcbequer
Bills remained at Is. to Ss. premium, and the discount
on India Bonds was 15s. The Reduced Three per
Cent. Annuities were dealt in to some extant at 884; to
89k, and the Three-and-a-Half per Cents. brought 97*
to

the Foreign Market was dull again, and the quota-
ions were a trine lower. Spanish Active Bonds rea-
..zed 231- to 23 ; Portuguese New Five per Cents.
331- to :1., the Three per Cents. 21i ; Mexican Bonds
of 1837 28k, Colombian of 1824 254- to I, and Brazi-
lian 71-11 ; Dutch Two-and-a-Half per Cents. were at
514. anti the Five per Cents. at 97i- to 98.
The Shares were only dealt_ in to a limited extent,
and prices were about the same as yestesday-.
Tile Foreign Exchanges ware again rather lower, v:z.
Amsterdam 12 21 ; Paris 25f. 52ic. to .55c. ; Antwerp
12 ; Hamburgh 13 7to 6:i ; Frankfort 1485 ; and
Trieste 10 3?2- to 4.
The following is the official return of the exports of
bullion from the port of London, for the week ending
Thursday last :

Silver coin to Mauritius 69,000 oz.
Hatribtugh
Ritterdam
Gibraltar
Bars to Haniburgb

SFIRIT of the PUBLIC JOURNALS.

FROM TUE MORNING PAPERS OF TRIG DAY.
( From the Chronicle.)
The despatches from Rear-Admiral Elliot and Commo-
dore Sir J. J. Gordon Bremer will be found in our extracts
from the Giattle of last night. Great care seems to have
been taken by the officers in command to avoid if possible
the effusion of b'ood. Sir J. J. Gordon Bremer states

that the operations at Chusan led to no greater a loss of
life than twenty-five, .‘ This," he says, " may be ascribed
to the fir eof the ships loeing directed solely to the junks
and haueries." Already the style of communication has
become more civil on the part of the Chinese. This
change Admiral Elliot attributes to something of
;5 tough lesson they received at Amoy, detailed in
Captain Bourchier's letter. "In the correspon-
dence which took place," says the Admiral, " they
treated us perfectly as equals, no longer calling us
barbarians, but honourable officers of the English na-
tion." We may, in passing, observe that the nations, who
overran' the Roman empire, considered the word barbarian
honourable, for in several of the loges barbarorum the in-
demnification for killing a Roman is much less than for
killing a barbarian. The policy which has been pursued
towards the Chinese seems, of all others, the beat adapted
for bringing them quickly to their senses. Tney have a
peculiar repugnance to such an occupation as that
which has taken place. The conquest which placed the
present dynasty on the throne was the result of an
attempt to expel a tribe of Tartars who had ob-
tained, about 200 years age, a footing in a frontier
province. But we arc in the vicinity of some the
iagest cities of the empire. " The stoppage of the enor-
mous trade," says Admiral Elliot, " which is usually pass-
ing on this coast cannot but create difficulties of a serious
nature ; and from a few expressions relative to Lin having
been the cause of all their present distresses, I trust a
strong feeling may spring up against the policy pursued
at Canton by that high officer." By ascending a large
navigable river, we can inierrupt the immense traffic of the
Great Canal, that main artery of the empire, To have
destroyed the towns of the unoffending people and taken
their lives, weuld have generated the worst feelings with-
out effecting the object in view ; but the interruption o►
the enormous trade of the Chinese will soon bring thenr.to
their senses.

(From the Times.)
The series of letters interchanged between Commodore
Napier and Mehemet Ali, with a certain convention an-
nexed to them, as contained in the Times of yesterday
morning, were described by some persons as possessing an
impos Lance which did not really belong to them. The
communication, taken altogether, was received and talked
of us equivalent to a definitive treaty of peace, by which
Syria was restored to the Porte and Egypt secured to the
Pacha. It was, however, no such thing. The point at
issue was, whether Commodore Napier should or should
not forthwith attack Alexandria with the squadron then be-
fore the port. The immediate object of Commodore
Napier was to get possession of the Turkish fleet, and to
insure the prompt evacuation of Syria. The great point
for Mehemet Ali was to save both fleet and capital
from destruction. After considerable shuffling on the part
of the old Bashaw, a Convention was agreed upon to the
effect following. We must previously remark, however,
that the Convention was a mere military suspension of arms
on one side, viz., on that of the British Commander, which
leas executed on the spot, and at the moment, no hostile
movement whatever being made by the British men-of-
war, not a shot fired, nor a ship cleared for action. Where-
as, on the part of Mehemet Ali, nothing was offered but
two promises; cne absolute, and one conditional—l, That
he would at once send an order to Ibrahim to withdraw
from Syria; 2, That he would give up the Turkish
fleet, on condition of " having
previously received an
official notification that the Sublime Porte krants him
the hereditary government of Egypt, which eonces-
cession is, and remains, guaranteed by the Powers."
Now, the advantage here was considerably in favour
of Mehemet Ali, who gave literally nothing but a
promise that he would do what lay in him to procure for
hrahirutroops, already sui rounded, and
tltieirelisle
existence
caonrnd
plriois
ini,;td,
a safe and unmolested re-
tut 0 home from Syria ! Whereas the Paella got a posi-
tive assurance from a British officer of high rank, that tl:e
Allied Powers had actually "recommended the Sublime
Porte" to reinstate him and his heirs in his Egyptian Pach-
alic. It may seem etrange, nor can we explain the fact,
that Commodore Napier does not affix to his name any
title or authority to stipulate the conditions here stated,
or to sign the published convention. He described him-
self as " commanding the naval forces of her Britannic
Mejesty before Alexandria," but does not affirm that he
wa, furaished with instructions or authority empowering
hint to negociate such a convention, or to pledge the
Queen's Government to the 1` guarantee" relied upon by
tam Dacha; whereas Boghos Bey, the Egyptian Minster,
takes care to represent himself as "authorized specially by
his Highness." For the regularity, therefore, ur validity
of such an instrument in point of form, there is little to be
said, and as little or less for any practical advantage it
may lead to, when we find that not many hours after the
convention reached this country, there comes intelligence
from Constantinople, publishedin a Government paper,
that the main and only political benefit stipulated with
Napier by Mehemet, and that on which the surrender of
the Turkish fleet depended, has been quashed and annihi-
lated by the Ottoman Porte. " After ten days' delibera-
tion," says a Downing-street paper, ‘. the Sultan has de_
sided upon confirming the decheance of Mehemet Ali,"
and in a line or two after there is expressed a fear that
toe above resolve has the force of a " determination."
Is this true or not? If true, the filet is of an alarm-
ing nature. There ia, of course, no doubt that the
British Government (and we presume the majority of
the three remaining Powers) will employ the
most
strenuous and earnest persuasions with the Porte to
win from it a revisal and reversal of this most untoward
determination. But the misfortune is, that such efforts of
our diplomacy may now come too late. As France de-
clared that she would not coerce Mehemet Ali to restore,
the Syrian territory to the Sultan, so Lord Palmerston
followed her example, binding England and the Allied
Posers against the use of any coercive or compulsory
measure, or of aught but pure solicitation with the Porte,
to obtain for its vassal the hereditary dominion over
Egypt. Lord Palmerston cannot now recede from such a
pledge. He is at the mercy of the Divan, acted upon as
the Divan may possibly find itself, by influences less dis-
interested than that of any British Minister. The time to
insure the acceptance by the Porte of any terms which it
might suit the policy of England and promote the peace of
Europe to enforce upon her, was prior to the military and
naval efforts which England made for her direct
advantage, while the result of the contest with the
Dacha w
revcts thes prestigeyet
n c
oefr t
European, and
iTurkeynsthe had in many
aga
(Then was the
time—nay, at even a later period of the campaign, at the
au ir.
last moment beture tue decheance was pronounced, had
Lord Poneonby private.y informed Reschid Paella that
Eegland would not suffer Mehemet Alt' to be expelled
Dacha from Egypt," the dismissal of the ache never would hare
beer: pronounced, and Lord Palmerston cculd not have
been driven to the humiliation of putting a construction
te/ries h
a et
c eats
rts
When
Ao uenr fah/fled upon the former decree of
dclnFranca made that decree the ground
e e
of declarations and threats more offensive towards Great
pa Britaininier
sttlorannt
any she
previously had had recourse to, Lord
transmitted an assurance through M. Guizet,
that the decree against tl:e Pacha was not to be acted
on, nor persisted in by the Porte. Was he then in
the confidence of Turkey, or rather of Lord Ponsonby,
and had he her or Lord Ponsouby's authority for such an
assurance to the Government of Louis Philippe ? If so,
the Porte has been guilty of a gross affront to Great Bri-
tain, and an ungrateful outrage upon the friendly confi-
dence of its most powerful and genet ous benefactor. But
for the pledge against resorting to coercive means with the
Sultan, the Allies might now tied it easy enough to apply
a screw that would speedily recal his Highness to some
safer and more moderate course,

(From the Morning Advertiser.)
An extraordinary rumour—to the effect that the Sultan
wasdetermined to persist in the deposition of Mehemet Ali,
contrary to the recommendation of the Allied Powers—
was rife in Constantinople, on the departure of the last in-
telligence, which dates to the 27th ult. We cannot be-
lieve that the slightest credence should attach to this
rumour, or that the Sultan would prove so ungrateful to
the Allies, and so unmindful of his own interests as to
act in defiance of those who not only rescued him from im-
pending ruin, but re-established his authority to an extent
beyond his most sanguine expectation. Or if gratitude
failed of its proper influence, we cannot believe be would
be so recklessly insane as to place himself in a position
wherein he must inevitably provoke from oce side
or other fresh encroachments on his dominions.
The Allied Powers, if not bound to give active aid
to Me,hernet Ali, should his deposition from the
Pacbalic of Egypt be persisted in by the Sultan,
must at least remain neuter, and in this case we imagine
the now chastened rebel would feel no reluctance to
stake Egypt against Syria, and play what in sporting phrase
is called " double or quits" with the Sultan, as the
chances of war to which Thiers recently abandoned Syria.
But should the Sultan prove so far disregardful of the re-
commendation of the Four, or we may now, including
France, say the Five Great Powers of Europe, as to con.
tinue the war after the objects for which it was undertaken
have been accomplished, then, we say, the same necessity
of preserving the peace and balance of power in &mope
which made it imperative on the Powets, contracted by
the Treaty of London, to interfere to check Mehemet
Ali's usurpations, would render it no less imperative on the
same parties either to put an end to the war by their
intervention, or to make arrangements for the preserva-
tion of European peace under all contingencies of the
conflict, and let both parties fight it out at their own
risk. Let the Sultan, if he insist upon the deposition,
once know the risk and chances under which he acts,
and we doubt much if he would not be as anxious to
bring the matter to a conclusion on the terms proposed
as any of the contracting parties. He has already bad
too much experience of the prowess of Mehemet Ali's arms,
under the direction of the gallant Ibrahim, in Sy via, to be
unreasonably solicitous for another trial. But for the in-
terference of Great Britain and the Allies, the question
in which the Saltan is now said to refuse acquiescence
would never have been submitted to his decision. Mehe-
met Ali would have relieved him of all the difficulty of
doubt on the subject. Well content would be have been
at the beginning of the conflict to have been secured
even in the possession of Constantinople, Syria being
regarded wily so far as it was essential to that object.
If, however, in defiance of all these circumstances
and contingencies, 'the' Sultan have really determined
to rush upon his fate, there can be no doubt of the in-
stigation under which be acts. It is well known that
Russia, as Thiers recently did, secretly encouraged
and incited Mehemet Ali in his rebellion against the
Porte. The less discreet, but more candid of the war
party in France have, in the Chambers, openly pro-
leased a desire for Russian alliance. The war party in

France broadly avows what the more crafty machinations
of Russia would conceal, the policy of aggression. Their
objects being, therefore, the same, it is but natural that
both parties should, until they come in collision about the
division of spoil, coalesce to the same end—war a tout
prix. [hying, therefore, failed to embroil Europe by in-
citing Mehemet Ali against the Sultan, it is now by no
means improbable that they seek the semblance of a cases
by inciting the Sultan against Mehemet Ali. Rus•
sin, scarcely less than the brigand France, which Thiers
represented, has cause to be discontented with the successful
manner in which British diplomacy based the incendiary
designs and machinations of both parties. France refused
to unite with England to force the Dardanelles if Russia
made demonstrations against Constantinople. When Rus-
sia subsequently agreed with Great Britain on the Eastern
question, France refused co-operation, and isolated herself.
The policy of Great Britain alone was direct, candid, and
energetic throughout, and has reaped the result, at which,
from its policy as well as manner of execution, all well.
constituted minds must rejoice. It has been triumphantly
successful, and should Russia or the brigand portion of
France continue the same game, we have no doubt, if
need require, of Great Britain being again aisle to give
hem another taste of her quality.
(From the Morning Herald.)

The Globe expended, last night, a fair portion of its

" philosophy " on certain positions which we laid down a
few days ago, in reference to the condition of the more
helpless of the class of labourers. Thus saith the Globe :
We agree with the Repaid, that there is much distress,
and wa\ t in hopes that with his illustrations' we shall
have the remedy. In the meantime, what says our Con-
temporary to an experiment in the way of cheap bread ! "
Here we have the tad equivoque of " cheap bread I" What
does the Globe mean by " cheap bread ?" Does our
Contemporary mean bread, that shall be " cheap " to the
owners of fixed money incomes, or " cheap " to the order
of labourers ? If the writer in the Globe shall answer,
that he means bread that may be "cheap " to the labourer,
then we reply that the only way to render bread really
cheap" to the labourer, is to render labour " dear." But
labour in England will not be rendered " dear " by repeal-
ing our Corn-laws, inasmuch as the soil of England furnishes
the largest market for English labour, and secures to that la-
bour the highest price. The object of the Corn-law repealer'
is, however, to throw out of cultivation the poorer soils of
England—those very soils which cause the greatest de-
mand for labour, and, which, consequently, impart to la-
bour its highest value. By repeating the Corn-laws,
then, you may throw the poorer English soils out of culti-
vation—and by throwing these poorer soils out of cultiva-
tion, you may, for a time, " cheapen" bread ; but you will,
in fact, have " cheapened" bread only to the rich man.
Labour must, of necessity, be " cheapened," before bread
can be " cheapened ;" and labour must, in the nature of
things, be " cheapened" by a repeal of the Corn-laws, far
more than bread, inasmuch as a repeal of the Corn-laws
would cause no " glut" of food, while it would cause, as-
suredly, a " glut" of labour. By " cheap" bread, the
Globe, like all the other advocates of free trade, means
breed that shall be cheap" to the owners of fixed money
incomes. To repeal the Coro-laws, would be to lower the
value of British labour, by narrowing the widest and most
prAtable of our national labour-markets. But to lower
the value of labour, is to increase the value of money. To
repeal the Corn-laws would, therefore, be simply to en-
hance the power of money—to render, in other words,
bread " cheaper" to men, to whom it is " cheap" enough
lready.

WOOLWICH -TU ESDAY.

ROYAL ARTILLERY-GENRRAL ORDER, DEC. 2, 1840..

The Honourable Board of Ordnance having had their
attention called to the travelling claim of an officer de-
tached on service, in which an extra charge is made on ac-
count of a deviation from his direct route, for the purpose
of putting himself in communication with another officer
agreeably to orders, the Board, by their letter, dated Nor.
18, 1840, s. 650, have directed that in all such cases i■
future the word personal should be expressed in the orders
or instructions when a personal communication is intended,
in order to prevent journeys when a written communica-
tion would answer the purpose.

GENERAL ORDER, DEC. 4, 1840.
Second Lieutenant G. Builel is transferred from Major
Rawnsley's company, 4th battalion, to Captain Rowland's
company, 9th battalion; and Second Lieutenant Cookbon
from Captain Rowland's company, 9th battalion, to Major
Rewnsley's company, 4th battalion.
By order of the Master-General,
(Signed) H. D. ROSS, Colonel, Dep. Adj.-Gen.

Captain James'a company, 4th battalion, embarked at
three o'clock this afternoon in the Numa transport-ship
lying off the Royal Arsenal, Woolwich, and will sail nel.
tide for Malta. This company is sent out to relieve Lieut.-
Colonel Chesney's company, 4th battalion, who have now
been upon that station twelve years, being double the
usual period. The general lime occupied by companies of
the Royal Artillery abroad is five years in the West Indies,
six years at Gibraltar, Malta, and in North America, and
tau years in Ceylon.
ROYAL ARSENAL.--The Sir James Kemp, Ordnance
sloop sailed yesterday from Woolwich, with a number of
guns, two howitzers, with carriages and ammunition wag-
gons complete, 300 shot-boxes, and 160 cases of powder,
for the purpose of being transhipped at Portsmouth for
service.