The Sun.
London, England, 1840-09-17 00:00:00

IVIONE I MARKET and CITY NEWS.

(WEDNESDAY EVENING.).

TIM ES.—A meeting was held yesterday in Manches-
.er of the creditors of Mr. Forth, whose failure was ex-
agerated into a topic of so much alarm at the Steck
Exchange a short time back, when it appeared that his
liabilities only amounted to 49,8781., and that his assets
were estimated at 29,572/. An offer was made to the
creditors to pay 10s. in the pound, at two and four
months, but the consideration of the offer was postponed.
An impulse towards India, and the great capabili-
mew
see
capabili-
ties of imps ovement in our possessions in that part of
the tobe taking
city , and placewh
when
nmoonncge
is t
c o
mire
interestsreioarildm sof the he
case, every one who is aware of the enterprise of
British merchants knows that some practical effect
is sure very soon to follow it. The subjects of
cochineal and of Sea Island cotton have been already
before the public, as articles of commerce to which
that enterprise might with advantage be directed, by
introducing them into cultivation in India, and we
have now some facts to state, communicated by a cor-
respondent who is evidently conversant with the subject,
respecting an important change which is now actually in
progress in the cultivation, by English hands, of the
" Sunderbunds." This vast extent of forest he de-
scribes as intersected by the various mouths of the
Ganges, and as containing, according to the last survey,
made by order of the Bengal Government, 879,000
" beggabs" (which means nearly the same as " acres")
of land. Certain Europeans who have had allotments
of the territory appointed to them within the last 12
years have undertaken to cultivate it, several officers
in the East India Company's pilot service having gone
to a great expense in disafforesting, draining, and em-
banking their appropriated lands. Several tanks over-
grown with weeds, and several relics of fanes and
pagodas were discovered by these, showing that at one
period the " Sunderbunds" were both cultivated and
(perhaps numerously) populated. It is supposed that
the tract of the forest was inundated at some remcta
time by an outburst in the Bay of Bengal, the waters
of which.overwhelmed the whole of the island of Saugur
about nine years ago. Tigers, wild boars, and other
beasts of prey were at first in great plenty upon the
lands allotted to these gentlemen ; but they retired
into the interior of the forest as the jungles were cut
down, the lands were laid open, and the colonies in-
creased. In four years they succeeded in bringing
about 7,000 " begg,ahs" of rich land into cultivation,
and that to a degree that was highly satisfactory.
Rice, millet, indigo, and tobacco (including the Vir-
ginian, Maryland, and Persian kinds), were all equally
successful. Mustard, potatoes, and various hemps and
thus, throve exceedingly well in some parts, as also
many European vegetables, the seeds of which were in-
ported into Calcutta. It is supposed that the soil
would return one hundred fold if sufficiently cultivated.
The Calcutta police report, lately published by Mr.
M'Farlane, the chief magistrate, has lately called at-
tention to the statistics of that city. In 1752 the po-
pulation was estimated by Holwell at 400,000 persons,
but it is supposed that this is a very exaggerated state-
ment, and that the population did not really amount to
150,000. In the same year the police of the city
consisted only of 143 persons, of whom 64 were sta-
tioned as a night guard at the houses. They were
paid two rupees (about 25.) a month, which was consi-
dered as too heavy a charge for the company by 1101-
well, who directed that it should be paid by the inha-
bitants. This guard was not increased from 1752 to 1778,
when the authorities increased the force more than fivefold,
raising it to 765. The Crown disallowed this arrange.
merit in 1780, as no funds were assigned for the mainte-
nance of these guards, but the amendment was not regis-
tered till 1783. An Act was passed in 1793 abolishing
all previous rules, and directing the arrangements
which are still in force. At present the police
disbursements amount to 6.09,85(.1.5.8 rupees per
annum, which is met by the assessment on
houses, the tax on spiritous liquors, and other minor
sources, amounting altogether to 4.25,513 rupees,
which leaves 1.84,343 rupees to the general funds of
the State. The actual population of Calcutta has never
been calculated accurately, but it is supposed to have
fluctuated between 400,000 and 1,000,000. How-
ever a recent computation made by the superintendent
of police gives a population of only 229,705, the male
portion of these being nearly double of the female. His
statement is as follows :

Males. Females,
- - - 1,953 1,185
- - - 2,950 1,796
- - - 1,715 1,475
- - 101 59
- - - - 465 171

English
Eurasians -

Portuguese

French
Armenians
Jews
Moguls
Parsecs
Arabs
Mugs
Chinese
Madrassies
Native Christians
Hindoos -
Mahometan
Low Castes

. - - - - 185 122

- - - 314 193

- - - - - 32 8
- _ - - - 272 79
- - - - - 450 233

- - - - 243 119

- - - 30 25
- - - 30 19
85,145 52 506
- - 38,934 19,810
- - - 12,074 7,010

144,893 84,812

Total

229,705

It should be observed that the correctness of this
statement is doubted, as, according to appearance, the
population of Calcutta is nearly double of the amount.

CHRONICLE There was a decided improve-
mentosttoip7oous.i
sell
opening
g:tiFco -day
I:liresnd
this
at
tyt
marketl
p:leaoo
inwnEciet
,nrssognipinlmiorisiewlect
eedsfle,iFunds,:wtrpi:nbaasani
tfr agtofiaoielnult
sshc.rnalowsobuesingireinietagrndealcioafteuensotettitleoatadet-ti
took place, and prices advanced to 84'1' to ' for the
account, L- -4
Account, closing at 88 to 11, being an advance of i per
cent. on the closing quotations of yesterday. Exche-
quer Bills declined Is., being quoted at 4s. to 6s. pre-
mium. This improvement has been occasioned by a
rumour that intelligence had been received at Paris of
Mehemet Ali having agreed to accept the terms of the
treaty of the 15th of July, and that a material rise
might he looked for in the prices of the French Rentes
of Tuesday.
The expected news from Paris, and the determination
of the French Cabinet to surround the capital with for-
t:lindens, continue to be viewed in the City as evincing
a pacific solution to existing difficulties. They sec in the
last-mentioned transaction the result of a fortunate com-
bination of circumstances. The motives which have led
to it are ecanned with attention, and we give the opi-
nions as we have heard them. They say that Louis
Philippe is in favour of it (as he always has been), to
strengthen his own position, and to enable him, if need
be, to coerce the multitude. The Bonapartists support
it, because it is in accordance with the views of the Eie_
perer ; and the 'war party, including the Republicans,
agree to it because they look upon the measure as one
of national defence and an act of preparation. By this
fortunate agreement of parties, acting from very deg_
cordant motives, a unanimous result is obtained which
Louis Philippe, with his usual tact and knowledge of
character, has taken advantage of to carry out a design
which which on former occasions he was obliged to abandon'
The different sections into which the public mind of
France is at present divided are, in fact, viewed as
playing at " hide and seek," and the superior taclique
of the King is considered as likely to gain him the
game. 'rb do so, however, he has been compelled to
go along with the stream longer and further than he
wished or judged safe ; but it is thought he deemed it
wiser to wait for a favourable opportunity of turning
the current into a peaceful channel, than to risk the
consequences of any direct attempt to drive back the
torrent, or to step it roughly
in its course. The con-
sequence of this line of policy on the part of the King
of the French is, that Paris will be surrounded with
formidable ramparts, bastions, and batteries. One of
the visions of Napoleon will be realized in 1840.
After twenty-five
years of peace, and a con-
tinued advancement in
end
yan and
fhwi
measures of' civilisation,
the leading capital of the Continent of Europe,
instead of setting an example in the progress
peace, will
of the arts of be absorbed in
the occupation of those who flourished in the feudal
ages, when war was the
.ordinary employment of
pceeha c e i s t o
mankind, and all other professions were looked upon with
accomplished, it is
contempt. The scat of literature and science is about
lwikeennuoyt
be obtained. But it is difficult nto point out another
i s
intend impassible
course equally practicable, an
of
the
circumstances it
tthoebietcwonmnes, athheuregiForeo,veb:ygrwoviiciflortthreess,
boasting of them at all times.
not necessary in cases of emergency to examine the
line of route which was traversed. The idle people of
Paris will find a new subject of talk in these fortresses.
They will find occupation in looking at the progress of
tn t
ra
travel.
. make
.tchheo
journey
rne
yth
beewaac c 0 m
An object of much impertilanctehntowards the present
preservation of peace. ail e , s be accomplished,
the works by day, and in
although it will be obtamen uy feeling a morbid appe-
tite for military disPlaY' inland
The winter season for
menced, an we are b thetrade has just corn-
elad to hear that the wholesale
houses have been much occupied in the execution of
country orders.

POST.—The 111anchcister papers received in town
this morning give but a account of busi-
nessotsc.ouraging
matters in that part of
.the country. It appears
that some orders for the Mediterranean have been coun-
termanded. This state of things had been brought

about, it is added, by the unsettled aspect of political
affairs, and the consequent decline in the value of the
public securities. The Guardian states that Mr.
Henry Forth, whose failure was announced a few days
ago, had called a meeting of his creditors, and proposed
paying them 10s. in the pound in two equal instalments
at two and four montbs, with security. The debts are put
down at 49,8781., and the liabilities on bills of ex-
change at about 60,000/., some of which will, it is con-
sidered, be thrown upon the estate. The assets
are estimated at upwards of 29,000/. The offer of
10s. in the pound was not, for the moment, ac-
cepted, as a difference of opinion existed in the
minds of the creditors with respect to certain sales
of goods made by Mr. Forth for account of third
parties, the question being whether the debts arising
upon such sales belonged to the estate, or whether they
were, as taken to be in making on; the balance sheet,
the property of the consigners of them. Counsel's
opinion would be taken upon the subject, and the meet-
ing was, in the meantime, adjourned to Tuesday next.
Messrs. Wood, Watts, and Co. have also, says the
Guardian, submitted a statement of their affairs to their
creditors, who had consented to a compromise of I Is.
in the pound.
The funds improved materially to-day. There does
not seem to have been any fresh circumstance to ac-
count for the change. Consols left off at 874 to a for
money, and 88 to for account ; Exchequer bills 4s.
to 6s. prem. ; and India Bonds at 12s. dis.
Active Spanish Stock was at 21i to 22k ; Five per
Cant. Portuguese 32 to 4 ; and Two-and-a-Half per
Cent. Dutch at 494 to 50.
The share market was calm.

The negotiations of the Committee of Spanish Bond-
holders with the Count de Lara being conducted se-
cretly are beginning to excite an apprehension in the
minds of such of their constituents as reside at a dis-
tance, and who can get no more than an occasional hint,
through the medium of the journals, of what is passing,
lest their interests should be compromised by them.
This, we may observe as we proceed, though it will be
by no means for the first time, is one of the evils inse-
parable from the foreign loan system. There will be
always a doubt, and, more, there will be always a dan-
ger. The holders of foreign bonds are spread over the
whole surface of the cCuntry, and that many of the
number should feel alarm, when they hear of over-
tures being made on the part of the borrowing
States so closely affecting them, and discussed, as it
were, in the dark, is perfectly natural. The Com-
mittee is formed of a limited number of gentlemen,
and, however pure the intentions of each and all of
them may be, they are not infallible, and they
commit a palpable injustice in suppressing the re-
sult of their frequent meetings, thereby keeping the
mass of their fellow-sufferers in the most painful state
of suspense. Some of the members, we are well
aware, consider that publicity ought to be immediately
given to every step they take in connection with claims
in the settlement of which individuals and families who
may be prejudiced by their acts have unfortunately so
deep a stake. If the Count de Lara has indeed a pro-
position to make having such settlement for its object,
there can be no difficulty, we suppose, in stating what
it is without circumlocution ; and, be it good or bad,
an outline of it ought no doubt to be by this time in
the hands of the public. The Count does not profess
to come as the accredited agent of the Spanish Govern-
ment, yet enough has oozed out to show that he is at
all events in the confidence of some of the principal
personages about the Court at Madrid, and that his
mission is not a purely speculative one. The Count
de Lara is, perhaps, moved in some degree to the
course he is now taking by a desire to better the lot
of the bondholders, and certainly he cannot but see that
their situation is most distressing.' We, however, in-
cline to the opinion that he has come over to England
rather to try what can be done to revive Spanish credit,
and to pave the way for the negotiation of future private
loans on terms less onerous and less offensive to his
nation.

HERALD.—It has been supposed that the nefa-
farious transactions which have been herefore particu-
larised under this head, in respect of the swindling
trickery by which an insolvent State was covertly buy-
ing up its own bonds and coupons, depreciated almost
to nil by its own want of faith and non-payment of di-
vidends, were confirrd to Portugal alone, and that
no other State, however bankrupt in circumstances,
bad been guilty of the same scandalous breach of inte-
grity either direct or indirectly. But herein the public
it seems are doomed to be woefully mistaken, for the
game appears to have been quite as cvell understood in
Spain as in Portugal. The trick, it will be remem-
bered, consists in apparently contracting for new loans
or advances of money, in part payment of which the
lenders arc allowed to pass into the Treasury one half,
or other larger amounts, in bonds and unpaid coupons,
at par, the prices in the market of those dishonoured
bonds or coupons ranging somewhere between one-
third or one-fourth of the nominal value. Thus take for
example an operation of the sort not long since said to
be effected with and by the Goiernment of Madrid,
from which the bondholders may learn to appreciate
the sort of systematic scheming on foot for gradually
transferring their property and rights to the pockets
of greedy and unscrupulous capitalists, with whom the
Governments would seem to be disgracefully in league,
although apparently getting the smallest portion of the
spoil. Here is a copy of one of these contracts
which certain capitalists in this city are reported to
have passed with Spain. The agreement was to ad-
vance a sum of 90,0001. to the corrupt administration
of that country, one condition of which was that nearly
one-half the amount was to be deliverable and received
at par in the shape of overdue coupons, which shows the
transaction, thus :
Paid Spanish Government in bard cash
In overdue coupons bought at 10 or 12 per
cent., but taken in at par 40,000
Bonus to protect the unfortunate contractors
from loss ... lO,OOO

Total £90,000
10,0001. was to be paid monthly in cash or coupons
on receipt of the first instalment of which the whole
90,0001. in Treasury bills was issued to the lucky con-
tractors by the Government, who were enabled to dis-
pose of them on the instant at Madrid at 95 per cent.,
or in gross amount for £85,500
As the contractors pay in cash £40,000
And in coupons 40,0001. pur-
chased at or priced at 12 per
cent. of their nominal value
in the market

4,500

44,800

It results that the contractors net a profit of £40,700
Or nearly 100 per cent. profit with the use of the
balance till the Treasury Bills fall due. This is clearly
a sort of game which suits both a dishonest Govern-
ment and unprincipled money-lenders, and is sufficient
to account for the indifference disgracefully manifested
to the obligations of good Lith and the claims of the
bondholders. For so long as these are unasljusted, and
just in proportion to their scandalous evasion, or post-
ponement to the Greek Kalends, so will the value of
bonds and coupons decline towards zero, and to all the
extent of that debasement of prices will an atrocious
advantage be reaped by perfidious Governments in
raising fresh loans upon more easy terms upon the vile
system of which as illustration has been afforded ;
and just so also will the tribe of usurious and cal-
lous money-changers be encouraged in their fraudu-
lent courses. For, however exorbitant the terms upon
which more money is thus raised and sup-
plied, unscrupulous Governments are still gainers,
apart any secret understanding by which a profit on the
depreciated bonds or coupons received at par may be
discounted to them, in the facility of raising new loans
by which they are enabled more easily to dispense with
the obligations of common honesty and to set their cre-
ditors at defiance. Of the capitalists, utterly devoid
of all principle and conscience, who arc the prime agents
in all this scandal and mischief, it is impossible to speak
or think otherwise than with loathing and contempt.
Their conduct realises all that once was regarded as fable,
and it would scam now to be an accredited matter of
present fact, as well as of past history, that people really
sell themselves soul and body to the infernal imps ;for
the sake of vile lucre, and for communication of the art
of transmuting their own brass and base metal into solid
gold.

SUN.—Stocks were better to-day. Consols for imme-
diate transfer opened at 874, advanced gradually to 88,
and closed at 87,17 to For the Account, the opening
price was 87i, the highest quotation 884, being ob-
tained in the afternoon. The latest bargains were a
fraction under the extreme advance. Exchequer Bills
are still declining, as there are no doubt some balances
out on sufferance" among the Foreign and share
jobbers. The premium was not higher than 7to 4 ;
India Bonds rallied to 12 discount ; India Stock was
reduced to :246 ; the New Three-and-a-Half per Cents.
were done at 9q to 964, the Reduced Thrnd-
Half per per Cents. at 9
5i ex. div.,and the Long annuitiesat 12 15-16th ex. div.
There is some talk at present of the intention of the
agents in this country for the Mexican Governmf,nt,
to pay a dividend, about January next, upon the Eng-
lish loans so long unproductive of a return in the shape
of interest. We trust it may be so, but considering the
frightful state of anarchy which exists in the Republic,
torn by internal dissension, and threatened from with-
cur by Texas, we cannot count with any degree of cer-
tainty upon regular instalments from such a State.
To-day the Foreign Stocks were all rather buoyant.
Spanish Active Bonds touched 2;4 , but closed at
4