The Sun.
London, England, 1840-11-21 00:00:00

tIVENING EDITION.

MONEY MARKET and CITY NEWS.

(FRIDAY EVENING.) 1
TIMES.—A portion of the loan for which a con-
tract has recently been concluded with the Belgian Go-
vernment is about to be introduced into this market.
The terms demanded by the contractors for a share in
it are 96 per cent. ; it will bear interest at 5 per cent.,
payable half-yearly, on the Ist of May and the Ist of
November, in London, Brussels, or Antwerp. The
dates of payment of the different instalments are fixed
as under
20 per cent on the 23d November.
16 do. do. 21st December.
20 do. do. 20th January, 1841.
20 do. do. 19th February.
20 do. do. 19th March.
with interest at the rate of 4 per cent. from the 23d of
November to each payment, which the subscribers may
save, if they think proper, by a payment of the whole
at grace ; but in that case it is understood that the
contractors will not undertake to deliver the bonds
immediately, but will merely write up the scrip re
ceipte as paid in full. This part of the plan has
been much objected to by the jobbers in the foreign
market, who would have preferred an allowance of
interest on the payment of the instalments by anticipa-
tion, and this has been the general practice with
foreign loans, though there are some instances of the
contrary. The total amount of the loan is 1,4500,0001.,
and it is said to be chiefly intended to promote railways
and other public undertakings in that country. It is to
be redeemable by the usual sinking fund, by yearly
purchase, and a condition is attached to the contract
that it shall not be paid off at par for six years. Bar-
gains have been done in the scrip at from to per
cent. p.remium, and left off ato premium ; but at
present it does not appear to be regarded with much
favour in the market.
The course of exchange at New York on London is
1081 per cent., and the par of exchange between Eng-
land a d America being 109 23.40 per cent., it follows
that the exchange is 1.07 per cent. against England,
but the quoted exchange at New York being for bills at
sixty days sight, the discount on those sixty days must
Le deducted from the aforesaid difference.
By advices from Hamburgh the price of gold is 423
per mark, which, at the English Mint price of 31. 17s.
100. the ()puce for standard gold, gives an exchange of
13:4, and the exchange at Hamburgh on London at
short being 13. 41, it follows that gold is .12 per cent.
lower at Hamburgh than in London.

'foe premium on gold at Paris is 44- per mile,
which, at the English Mint price of 31. 17s. lOd. the
ounce for standard gold, gives an exchange of 25. 26,
and the exchange at Paris on London at short being
•15.271, it follows that gold is .6 per cent. lower at
Paris than in London.
Money has been very scarce today on the Stock
Exchange, in proof of which it may be stated that
Exchequer-bills, when offered to any amount, were,
unless a great sacrifice was submitted to, an unsaleable
security. Sales of money stock, which were made to a
considerable extent, increased this scarcity, and the
current rates of the market were 4 to 6 per cent. upon
all English securities excepting Consols, which for de-
po iit are rated 2 per cent. These saes of money stock
rather depressed the prices of Consols.

POST.—The Continental exchanges were generally
worse again this afternoon. Such an event was quite
unexiected by many, but if the Bank arrangements are
permitted at a crisis like the present--for a period when
the stock of bullion, including all that is appropriated
t., the numerous brar cites in the country districts, is
under four millions, must be regarded as a crisis—to tie
interfered with by the mischievous " operations," as
they are called, of the loan-jobbing fraternity, people
n u t be singularly foolish to fancy that the difficulties ,
the institution will not be prolonged, and the pressure
or. the commercial interest of the necessity persisted
'fh.; hands of the Bank are tied. Mess:s. I>othschtl ;,
to th.l shame of the Legislature, have
infiiiitely inoel
poe.or ih o they. They (Messrs. Rothschild) have
a!-
ready saddled upon the country enormous masses of
ueproductive foreign stock. Families of the first TT
spectainlay have been utterly ruined, beggared, by an
inconsiderate participation in their schemes, but they
are, neverthelcs.. still permitted to proceed. A writer
in an Evening Paper, who 7-eenla to be more to tl.c
secret than ourseivrs, says :
" The object of nost importance to day in our market
ie the contract for the new Belgian loan, brought nut I.y
`.ears. Rothschild and Sons, who, same days ego, rpened
pobso. iption lists for the Mlle. I; is t'or 1,000,0001. in at
per cent. stock, at the price of 96 [whose price ], cash
down; but the cowractors allow the public time to pay b
in aalmonts, charging 4 per cant. interest from the 22it
for the rniutgence(!), the instalments running up to
the .19i.ia of March, when the first half-year's dividend fah?,
flu :,'Otte bargiin for 10,0001. was made at par. Since then
it has peen acid-at I prem., and is now worth # prem."
It. ha.. 3 b;atm shown by the Portuguese loan
affsir of Messrs Rothschild that the house has not th,
influence, as was: supposed toile the ease by those who
supported them in it, to ensure a continued payment.
or the dividends on the loans for whicla they make then,-
selves in a measure, in the capacity of con:I-W.0..5z, 1,-
Murnisibai ; and, accord'ngly, great astonishment is ex•
c;re,sed by intelligent persons that they should be all! r
to command the price above quoted for their new Bd-
gilt) iotroduction. The loarnirlkers, not .iatisfied wi ii
a 11 wilsotar commission and oth2r incking. bring !!!r
1.,1113 out at an arbitrary price of their own hung.
71ThAt is the result? Le subscriber holdgiar a profit,
aid may of course be materially undersold.
Tilt fall from preen. to is a good symptom.
Messrs. Rothschild can, from old associations, calcu-
late on being backed in the operation by a certain clique.
Retotaal would look strange in particular quarters, but
we di, trust that the state of the Money Market and
the at.uaed confidence of the public will between them
act with sufficient force to defeat this new Belgian loan
project.

,Ire Kould recommend, as a salutary practi'le when
fresh schemes of the kind are proposed by ,Messrs.
Rothschtld, that the holders of the Three per Cent. Portuguese Loan should run through their musty bo
and make a rough estimate of their losses, in princi,
and interest, both of which they may assure themselv,V
are gone for ever by that wrztched speculation.

HERALD.—It is apparent that considerable pains
are taken in cer•ain quarters to bolster up the market,
vritrr what onjeci, may be readily guessed. Money was
more in demand to-day, even to what may be called a
pressure for it, and commanded 6 and even to 7 per
cent. ow Exchequer Bills and Reduced Stock for short
periods. Consols, however, by dint of management
were kept- up, and even a slight improvement may be
no.cd in t sem upon the closing quotations of yesterda:.
The only feature in the Foreign House was the deal-
ing in the s trip of the New Belgian Loan undertaken by
the Messrs. .Rothschilds. The amount is said to be only
for 1,000,0001., but this must mean the quantity specially
apportioned for this market in the first instance, and until
it shall be seen how much more, should the operation be
favourably received, may be conveniently placed here
failing an adequate demand in Paris and Brussels. For
according to accounts, which there seemsno reason to
suspect the accuracy of, the whole loan contracted
amounts: to 2,400,0001., so that it is tolerably
clear that if it takes here there will be no want of stock
over and above the 1,000,0001. designated, and that the
markets will be well fed over the heads and at the eost
of the first takers of the million, should these be readily
found, which may be doubted, at least under present
circumstances. It is scarcely possible that this loa
business, involving as it must directly and indirectly the-
abstraction of so much hard money, can be regarded
with complacency at the Bank of England, whose pre-
sent course of action it goes to defeat. If Belgium
were a country from which large trading balances had
to be received, this loan transaction might be more
easily adjusted without the transmission of metallic
money, but such can hardly be the case. It is of some
consequence therefore to the Bank by very intelligible
signs to discourage this sort of interference with its
well-known policy, and the effect would be bet-
t:r appre crated, and tell with more force, if tbe
larger fry of loan jobbers were distinctly ad-
vertised, by some unmistakeable demonstration
that they should no more be tolerated in 4
wil-
fully crossing the purposes and interests of the Bank,
than any small country bank issuer of notes, or bill-
broking office of discount. At present this new Bel-
gian Loan does not seem to be in much vogue, as after
various fluctuations between par and s premium, it
settled down at par to premium. The price at which'
it is brought out is at the rate of 96 per 100, the whole amount paid up at once, but if paid up by
laments, which is at the option of the
applicant l
oc;
purchaser of the stock, then 4 per cent. interest i .
demanded for the accommodation upon thosepeorttion:,.
on which rime is taken, and rateably with th
This is essentially a new feature in loan operations, l
enoimotehrl
at least it bias not been the practice for a g
of time, so far as paying up the whole loan at once, or
charging interest upon instalments paid up periodically.
It is understood as the practical result that this will
bring the real starting price of the loan, as compared
with what it would have been under the old system, to
97i• The old Belgian Stock is 97 to 8.