The Sun.
London, England, 1841-04-02 00:00:00

MONEY MARKET and CITY NEWS•

'FROM THE MORNING PAPERS OF YESTERDAY.
TIME S.--It is said that the East India Company have
to-day raised the interest of their bonds from 3to 3i per cent.,
a measure which would appear to be needlessly deferred,
as it was obvious from the state of the Money Market that
they would only circulate at a large discount, and thus lose
the preference they have usually obtained, as a deposit of
capital for temporary investment, for which purpose, in
times past, they have often stood on an equal footing with
Exchequer Bills. This change of system has partly arisen
from the conditions under which the last issue of bonds was
made obliging the Company to give a notice of twelve
months previous to any reduction of the interest, and they
seem to have held it politic therefore, to try the strength of
the market as long as pofeible, before incurring an ad-
ditional charge for interest, of which it would take them
so long a time to relieve themselves if they fouud that
they had exceeded the market value. Those who have re-
mained steady holders of the security will probably have no
reason to complain, for though, under the old system of
raising the interest as soon as the bonds fell to a discount,
they would have got the advance a little sooner, yet that
difference will be made up to them by the increased
length of the period for which they are insured against
reduction. For those who have only made use of
India Bonds for short investments, who are by far
the greater number, the old method would be pre-
ferable, and the Company on their side have always
to consider that the continued quotation of their securities
at a discount does not exhibit them in the high standing
of credit which they ought to occupy. They had better
by far err on the contrary side, and these nice calculations
as to a quarter per cent. more or less are better suites to
petty traders than to the first mercantile corporation in the
world.

The Consol market in the early part of the day was sta-
tionary, but some purchases subsequently made by influen-
tial brokers rallied prices, which closed firm at a trifling
advance upon yesterday. The increased rate of interest
that India Bonds are to bear has also improved their stand-
ing in the market.

With a demand for money at about 7 per cent. the set-
tlement in the foreign securities passed over without diffi-
culty, and its only characteristic was the firmness of the
market at the conclusion of business, with a slight advance
in the South American and Peninsular bonds.
TO THE EDITOR OF THE TIMES.
se2n in your paper of to.day a statement
which, among many others, has, as I fear, been made to
you to prejudice me in the eyes of tha public—viz., that
Mr. Abbott's difficulties arose from transactions with me
in foreign loans,—l beg leave to say that at no pc iod
of my life was I ever (to my recollection) concerned
with that gentleman in any stock, or loan transaction,
whatove-.

I was well acquainted with Mr. Abbott, and occa-
sionally assisted him in moments of pecuniary difficulty,
and always found him honourable in his transactions; and
the different advances made to him were some time ago
consolidated in a mortgage on some buildirg land in Li.
verpool (now in the hands of our assignees), and which
will, as I believe, when rcalizei, fully cover the amount
advanced. I am, Sir, your obedient servant,
18, Aldermanbury, March 31, JOHN WRIGHT.

)oST.—This being the last day left for the assent or
dissent cf the Portuguese bondholders to; or from, the
decree of the 21 of November, issued by the Finance
51inister at Lisbon, has been one of very great excitement,
the parties, in cases, influenced, as they necessarily must
be, by the advice of the Committee, backed as that Com-
mittee is by Lord Palmerston and Lord Howard de Wal-
den on the one hand, and the threats of excluaioa of the
Portuguese agents in London, countenanced as they are
said to be, though the fact cin scarcely be credited,
by the very contractors of the loans themselves, on
the other, not knowing how to act for the best. It
is not for us to attempt to point out which is the
better course for the sufferers to take, but it is to be
observed that they have before them two prominent in-
stances of the injudiciousness of precipitately acquiescieg
in schemes of conversion submitted for their acceptance.
was,,,,a eleven years In the case of Spain, the advice of Mr. Weedieg, who
the chairmanbonahol d
eorfs.
iSnuinagnifsh !eshCoprTeirttef,en.,
their original bonds • b
paper conversion n
holders had the bet"' .
of tlaeir e
Mr. R.tohbeta
, ,ut of what intrinsic value is that
In the case of Chili, the bond-
qua,.
indefatigableter sense to act upon the suggettions
C•
N4' 31yiie Chairman, Mr. Robinson,
Committee.. The
parative value of the too In- 1, •
for illu3trat ion. It La 3 been aiaet
the other Gentlemen of the
in the latter in
case the corn_
is too appareet to C ill
, doubtless at the instance
of interested persone, that certain
guese bonds had declared
themselves, on
holdieg Portu-
clients, favourable to the conversion. '7ihoe Com n.be part of their
however, with praiseworthy industry, got at the lute have,
discover that all such statements are totally dest
foundation. Two of the leading bankers nameditdi tate of
Coutts and Co., and Messrs. Child and CO., were egs'
applied
to upon the subject. Each of these eminent firms may,
hold, on behalf of others, about half a miilien of stock. In
the caee of the one not a client had authorised conversion,
while in that of the other about one-twentieth part re-
mained doubtful, the holders of th it twentieth-part being
undecided, and leaving their claims in the hands of their
bankers to act as might, in so desperate a matter, seem to
be for the best.
We will put the affairs of the Portuguese bondholders
before them in this manner. Spain, in 1834, under the
constitutional system, seduced the Spanish bondholder; into
a conversion of their stocks. One-third was deducted from
their capital, and the eleven }ears of interest was wholly ea-
cri6ced, or thrown intoa deferred funtl. This was to secure
a punctual and religiously scrupulous discharge of tho
dividends on the poor remnant. Through Messrs Ricer
do and Co., of London, and Mcssr:. Ardoin and Co.,
of Paris, new bonds were obtained; but these new bonds,
it is to be observed, have nothing of the stringency of
security of the original ones about them-_a circumstance
that has been commented upon by Mr. Thornton and bis
committee, as it will continue to be, until some redress
is afforded.

Portugal has always been found to follow the example
of the Sister Kingdom in financial as well as other things.
The present moment is no exception to the general rule.
Let the Portuguese bondholders therefore reflect, while
there is yet a moment left them to do so, and beware of
beingimprovidently enguifei in the fatal Spanish prece-
dent we place before them.

In consequence of the lamented death of Mrs.
Wilberforce, we believe that no Bampton lectures will be
delivered is the Univerbity pulpit
_this year.—. Oxford
Herald.

Omnipotent !—fallible creatures, pronouncing with the
arrogance of infallibility upon the mysterious truths of
revelation, while they violate its benevolent injunctions;
assuming the office of a judge, and pronouncing con-
demnation upon the professors of creeds other than their
own—your numbers are happily fast diminishing, and
your powers are almost extinct. Mr. Gladstone and Sir
R. Inglis your leaders in the Commons. We have seen
what they would have been, and what they would have
done, in another age, by what they are, and what they at-
tempt in thie. Who will be found in the Howe of
Lords to repeat the intolerant dogmas which Mr. Gla I-
stone last night, and Sir R. Inglis on a former occasion, ad-
vanced against the measure which ie now beyond their
reach, we may imagine, and the event, whea the Bill is
before that august assembly, will disclose.
(From the Standard.)
The St. Alban'e Election Committee having satisfied
their conscience; that Doctor Webster, who brought Lord
Listowell to St. Alban's—who proposed Lord Listowell
at St. Alhan's—canvassed arm in arm with Lord Lis-
towel! at St. Alban's—admini3tere3 large bribes on be-
half of Lord Listowell at St. Alban's—and remained
with Lord Listowell silent when both were
taxed with bribery—the Committee, we say, who heard all
that we have stated sworn to, and heard no c mtradiction—
having satisfied their consciences that Dr. Webster did not
act for Lord Listowell, that being the English of " agency,"
it of course became useless to prosecute the petition further.
When a few gentlemen choose to form a judgment
different from the judgment of every other man in the em-
pire, it is quite plain that they are not to be convinced by
the proofs that prevail with other men, and it is to compro-
mise the interest; of truth and justice to carry on a face
of reasoning with them. We are willing to put the
whole case to any man upon one issue. Dr. Webster,
in the presence of Lord Listowell, was publicly and so-
lemnly charged with bribery, and the actual bribe was pro-
duced. Dr. Webster was silent, and Lord Listowell was
silent. Now, what we ask is this—would Dr. Webster
have been silent if he had not been guilty, or would
Lord Listowell have been silent if he had not been
fully cognisant of Dr. Webster's crime. If Dr. Webster
bad been innocent, would he not at once have given the lie
to his accuser ? Or, if Lori Listowell had not been ats ac-
complice, or rather, the principal, would he not have sai4
something like this—" I do not believe that my friend and
proposer has been guilty of bribery, but if he has I ant sorry
and ashamed, and declare, with a clear conscience, that I
am no participator in his guilt." Such would be the course
of innocent men in the circumstances but both Dr. Web-
ster and Lord Listowell pleaded guilty by their silence ;
and yet, forsooth, the Committee acquit Lord Listowell of
any connection with his bribing agent. If this proceed,
the new Act for the trial of elections is waste paper.
( From the Courier.)
The absence of any decisive manifestation of action iu
the case of ,11'Leod, for so the silence of the advicee
from the United States by the Britannia may be
construed, appears, on the other side of the water
as here, to be regarded rather in the favourable sense
of approximation to a conciliatory understanding finally
than otherwise. No precise reasons are assigned as
the foundation for the general impression, and there-
fore, except conjecturally, or by reasoning from probable
events and plausible appearances, we are left entirely
in the dark as to the actual position in which mat-
ters• remained at the latest date. We may, however,
be justified, perhaps, in assuming a certain nega-
tive line of action, on the part of the British minister
in Washington at least, which would tend to prolong
discussion and procrastinate the decisive issue, to which
strict and immediate compliance with the positive in-
structions understood to have been transmitted for his
guidance by Lord Palmerston, must inevitably have
hurried the question of war or peace. We apprehend, for
instance, that Mr. Fox may have been prevailed upon,
or have found it prudent, to withhold the formal demand
for the instant and unconditional release of M'Leod, the
refusal of which must necessarily have been followed
by a request for his passports and the termination
of his mission. But, although not to embarrass the ad-
ministration of General Harrison but just installed
into office, with the instant pressure of a point so mo-
merntous, Mr. Fox may have consented to waive for a time
the presentation of the official and peremptory note, which,
once made, became irrevocable, yet there can be no
doubt that extra officially and privately he must have com-
municated to Mr. Daniel Webster, the new Fcreign Se-
cretary of the Union, not substantially only, but literally,
the contents of his instructions, however absolute they
might be, This would account for the frequency of Ca
binet Councils at Washington, in which doubtless the ques-
tion in all its phases was anxiously deliberated.