The Sun.
London, England, 1841-07-10 00:00:00

MONEY MARKET-71nd CITY NEWS.

nistry.
ADVERTISER. —lf the Tory journals really feel the fie
confidence they profess of Sir Robert Peel immediately suc-
ceeding to the Premiership on the assembling of Pediment,
it might naturally be expected that they would make some sug-
gestions or surmises as to the ends to which may be shaped the
councils of that Right Hon. Baronet. But as the wily chief
has been studiously careful to evade any distinct enuncia-
tion of his intended policy, his echoing organs of the press
studiously avoid any more explicit declaration in this re-
gard, lest, on many other occasions,
they might mistake
their cue, and give utterance to opinions different from
those which in a short time may be marked out for their
advot any. Accordingly, instead of speculating on the measures
which may be pi oposed, the Tory press, true to the selfish sen-
timent which prefers faction to country, indulges in anticipa-
tive is ;Ls eons with respect to the amount of the majority
ne es a.y 40 maintain Sir R. Peel in office, and argues the im-
propriety of his resigning, so long as a bare majority would
affosd him a pretext for retaining the reins of Government,
It is not, therefore, the measures to be proposed by either
party, to which the Tory press so much addresses its atten-
tion, as to the capability of its own party keeping in power.
Measures affect the country—the possession of office, apart
from measures,
.affects only the party seeking patronage ;
and therefore it is no wonder that the Tory re-
tainers should discuss that which concerns self rather than
that which concerns the State. In this regard the Standard
is peculiarly distinguished in calculating the lowest majority
with which Sir Robert Peel might remain in office for practical
purposes, which it considers must not be less than sixty or
seventy, " but," continues our Contemporary, " if the Eng-
lish counties give away any more seats to Whig-Radicals, the
majority will scarcely be more than twenty or thirty. But if
the majority be so small as this, the farmers of England may
ma:,:e bonfires of their ploughs. The Whig-Radical Ministers
will, whether in or out of office, be the real victors, as far as
results are concerned. If even compelled to retire for a time
from office, they will soon, by the aid of the Court, regain
their position with atigmented strength and resources, will dis-
solve the Parliament once more, and re-kindle the agricultu-
ral agitation in ten-fold fury.
HERALD.—We adverted on Monday last to the " Job's
comfort" in which the Whig press were indulging, that
" another dissolution would in all probability follow, at no dis-
tant period, the nearly balanced state of parties in the new
Parliament, and that then"—we should, of course, see what we
should see ! We never regarded this as anything more than
one of those puerile threats by which passionate weakness at-
tempts to wipe off the disgrace of a present drubbing by idle
vaunts of future rever.ge. " I eat, and eke I swear," quoth
Pistol. But alas ! for their " nearly-balanced state of parties !"
Every day as the Whigs are weighed in the balance, they
are found more and more wanting; and to talk of their
having weight enough in the new Parliament to turn tke
scale in their favour becomes more palpably ridiculous. This
is at length confessed but still the Ministerial press
will not abandon their absurd suggestion of another dissolution.
They cannot get on in the way of reasoning or retort, discus-
sion or denunciation, without it : and the "nearly-balanced
state of parties," as a practical fact, being given up, we are yet
to have another general contest, on the metaphysical grounds
that, in the present, "the moral preponderance has failed of
carrying with it the numerical !" " Nor can any party," con-
tinues the Chronicle, " complain, should the appeal be thus
renewed ;" and, truly, the three reasons given for this strange
dictum have sueli an effect upon our, risibility as to put us
almost hors de combat for argument. The first is, that no-
body imagined last summer that they should have this sum-
mer " to try the momentous question (the repeal of the Corn-
laws), which has since arisen," and ,6 that we need a regis-
tration for that specific object." Why, Ministers stick
to it, as they say at the Old Bailey, that they all along
had this " momentous question" in their eye ; and how
came they, then, not to let the country have a glimpse of it
before the last registration took place ? Besides, if we are to
have a new registration for every
." specific object," it w 11, in-
deed, be as the Chronicle heads its leading columns, " Regis-
ter ! Register !" and nothing else but " Register !" We shall be-
come, Co use a cant adverb of the philosophic free-traders,
" essentially " a registering people ! The second reason for
consulting the sense of the country over again is, that the Con-
st rvatives, "averted, by a trick, the fair and complete state- '
anent of the question by a regular Parliamentary discussion,"
and that " the fraud has vitiated any victory which
they can claim." The trick here meant, we sup-
pose is the " old trick" which Lord John found at four o'c!ock
One 'fine morning he had lost together with the stake he was
playing for—the confidence the House of Commons. But, ra-
tience'be with us and with all men. To say that there has
been no Parliamentary discussion on the Corn-laws !If Mr.
Villiers were at this moment dead and 'but ied at New Zealand,
his ghost would rise up through. the centre of the earth to pro-
test against such a monstrous misreprese.ntation ; and, as he is
happily in the flesh, we truct that he will
.not allow it to pass
uncontradicted. lie owes this to a public whom has so re-
peatedly bored, as well as to his own labours, which are thus
cruelly made of no account
POST—The speech of Lord Moreeth to the electors of
the West Riding of Yorkshire on the day of the nomination
of candidates for that immensedistrict, demands some
additional attention to that which we have already given
it. It demands this attention, not on account of the
importance or truth of what his L. of dship said, but f"r the
very opposite reason. His Lordship is a Cabinet Minister,
and has been looked to, we understand, as the rising hope
of the party in the event of anything happening to
that wonderful little man Lord John Russell. Consi-
dering, then, the importance of the occasion, we may conclude
that this Minister made out the very best case he could for
the company of the State managers to which he belongs, and
it is worth while to see how this case stands when examined
by the tests of truth and reasonableness. We have already
referred to his Lordship's philosophical indifference to the
political distinctions between Conservatives and Chartists.
His statesmanlike vision only discerns the fact that both
Conservatives and Chartists are opposed to the existing
Administration. This one fact is so large an object
in his Lordship's contemplation that it quite ob-
scures and covers such small distinctions as that
one party is for overthrowing the British Constitution and the
rights of property, while the other is zealously, devoted to the
preservation of both. But let us turn to time arguments of
this Minister upon the present state of the country and its
rfueltautrieonpsr:sipthecftosr.eiglinecoualniturd4s. alludes to the
disturbed state has beenshie disturbed state of our
cferFe4 to by the Conservative leaders, as furnishing at once
a clue to the existingcommercial distress, and a hope of its
alleviation, i by' resor4ssg to a better policy, which will
substitute tranquillity for disturbance. Did the Alinis-

FROM THE MORNING PAPERS OF THIS DAY.
TlMES.—Every additional facility that can be gained for
our correspondence with India is of such great importance to
the commercial world, that the merchants in the City are con-
stantly paying attention to every defect in the present system,
and anxious to suggest or listen to improvements. The last
arrival from India came in time to give them every facility in
answering their letters, and, as we have already observed, gave
the greatest satisfaction in London ; but at the same time the
early departure from Bombay, which caused this convenience,
was attended with inconvenience to the merchants in India,
who were delayed from writing their answers, just in the
same manner as the merchants in London have been de-
layed on ordinary occasions. In suggestions for im-
provement, therefore, care must be taken that while one party
is accommodated it shall not be at the expense of another.
Scrim persons, who are well acquainted with the working of
the system, have offered a suggestion which is worthy of atten-
tion. They estimate that the overland mail may generally be
expected by the fith or 7th of every month, and that, there-
fore, the desired object may be effected by deferring the de-
parture via Marseilles to that period, without making any alte-
ration in the time of departure from Bombay. That those
who prefer the more economical transmission by the Falmouth
route may share in the advantage to be derived from the alte-
ration, it is proposed that the departure from that port shall
take place on the lst of each month, instead of the 31st of the
month preceding, so that no unnecessary delay would be created
by the stoppage of the vessel at Malta.
CHRONICLE.—By official Parliamentary returns it ap-
pears that the total quantity of foreign and colonial wheat and
wheat flour imported from January, 1840, to April, 1841
(both inclusive), amounted to 2,621,366 quarters, of which
2,525,589 quarters were entered for home consumption. The
total amount of duty received on the above wheat and wheat
flour was 1,009,0251. We beg the monopolists to observe that
the amount of duty received on the above quantity of foreign
wheat entered for home consumption is equal in round num-
bers to a fixed duty of 83. per quarter on the whole, precisely
the Ministerial measure, which they represent to the farmers
as being ruinous to their interests. This fact is admitted by
the monopolists, and they now gravely ask whether " it is to
be supposed that Sir Robert Peel was really serious in his op-
position to something equivalent to a fixed duty of Bs. per
quarter? " This augurs well, and is too important an indica-
tion of public opinion not to demand the special attention of
the supporters of her Majesty's Government.
HERALD.—So much has been said in public speeches,
and more stij in writing about the drainage of the precious
metals caused by the present Corn-laws and imports of corn
paid for in hard cash during times of scarcity, with the peril-
ous position to which as confidently assumed, the Bank of
England has been reduced, or liable to be, in consequence,
that it may be worth while to inquire whether there be any
sufficient foundation for the argument taken for granted, and
the fact charged to the extent, or any thing like the extent
alleged. It is generally asserted by those most given to en-
large in free and easy fluency about exports of gold and Bank
embarrassments with entire independence or of reference to all
those attendant circumstances by which the question must
really be examined and decided, that bullion to the amount of
about 7,000,0001. was exported in payment of corn from 1839
to 1840, the effect of which was to bring the Bank
to the verge of a stoppage of specie payments. Not
one single doubt appears to have crossed the minds of these
logicians that other and larger ex?orts of the precious metals,
and for far other purposes, were going on simultaneously with
these for corn, or had been going on for years previously, but
for which, considerable as was the outlay required for bread
stuffs, the amount would have been easily supplied, and the
export. scarcely felt as an inconvenience. Take for example
the foreign loans negotiated wholly, or for the greatest part, in
this country, beginning with 1830, and it will be seen at once
how small a portion of the drain of gold is in effect chargeable
upon corn or Corn-laws. The following statement of foreign
loans contracted or mainly issued here does not profess to re•
present more than approximative quantities, as of course it
would be almost impossible to calculate or procure the informa-
tion as to the correct and net amount of the loans realised and
exported in money or otherwise ; although, whether remitted
in hard cash, in bills, in arms and stores, or in other commo-
dities, can make no difference in the estimate of real values,
since if exported in the shape of stores it is dear the valise is
the same as if in metals, as but for such arrangement the com-
modities would still have commanded money in return, and
must therefore be counted as hard money exported. It may be
remarked also that this list of foreign loans does not include
the many millions of capital embarked in foreign enterprises,
or borrowed expres,ly for them, such as Maine and Danube
and United States railways, canals, &c., nor the millions more
similarly sunk in colonial wicultural undertakings, and the
foundation of new colonies. Thus loans were raised in.
1830 for Prussia to the amount of
1831 for Holland 500,000
- far Portugal
1832 for id. ...
for Russia
1833 for id.
for Greece
for Portugal
1834 for id.
for Spain
1836 for Portugal
1837 for Holland, part of one loan of 169,000,000
of flu ins, say about one-third
To which add two-thirds of the State and Corpo-
ration loans of the different States of the Ameri-
can Union, contracted in the 10 years from 1830
to 1840, and in the whole amounting to
215,000,000 of dollars, say about 29,000,000

£64,900,000
The prodigious amount set down for the States of the Fe.lorat
Union is irrespective of 150,000,000 of dollars subscribed
mostly in shares in the banking capital invested there, no in-
considerable proportion of which was raised or subscribed
here. Taking the net proceeds of these loans one with an-
other at the round sum of 50,000/., metallic money, or va-
lues equal, was exported from the country at the rate per
annum of 5,000,0001., or seven times the amount ex-
ported within the same period in payment of foreign
corn. In fact, however, moderately estimating, the quantities
of gold and silver abstracted from circulation and stock
here during the same period of ten years, for foreign and
colonial banking, railroad and other speculations, with the sums
raised for promoting emigration or carried away by emigrants,
it is within compass to say that the whole amount of money
capital, foreign loans inclusive, thus absorbed, cannot probably
have been less than one hundred millions sterling, or at the
rate of ten millions per annum. The export of gold for corn in
face of such a tremendous and continuous egress of bullion and
specie is comparatively unimportant by comparison, and but
for following on the heels of or contemporaneously with the
larger exports, could neither have deranged the circulation or
inconvenienced the Bank or the country. The corn demand
came, which is all that can truly be said, at the precise mo-
ment to exemplify the old saw, that it is the last feather which
breaks the horse's back.
SUN.—The Funds were higher to-day, and there was a
good business doing in them. The rise was full * pa.
cent. Consols for present delivery rallied from 891 Ito
89i to and for the Account—the settling day—from
89fr f, to 89i to Exchequer Bills were without alte-
ration—viz., 13s. to 15s. premium, but India Bonds got
up to 4s. and Os. premium. Money was worth 3to 4 per
cent. in the Stock Exchange. Bank Stock receded from
170 to 169, and India Stock for account maintaiiled the
advance to 249; the New Three-and-a-Half per Cents.
were worth 94 to -a, and the Three per Cent. Reduced
89i- to I, being each higher.
There was a mere shade of improvement in the
Foreign market, but with a restricted business. Active
Spanish Stock was 211 for money, and 211 for account.
Portuguese New Five per Cents. remained at 301.
Mexican Bonds were quoted 261 ; Colombian Bonds,
204 ; Peruvian, 141 ; Belgian Old Stock was at 100:4 ;
Danish at 771 ; Russian at 1131 ; French Three per
1 Cents. at 76 ; and Dutch Five per Cents. at 1001 to 4.
For the Railway shares lower prices were again ac-
cepted, and sales to some extent were effected. Brighton
Shares were marked 5 to 51, the Blackwall 91. the Croy-
don 11, the Birmingham and Gloucester 374, and the
North Midland 32 discount. London and Birmingham
Thirds were 22, Great Western 221 to 2131, the New 10
to 9,1, the Fifths si' and the South Western 1631,- to 16 ft
premium. British North American Bank Shares were
at 4, National Provincial of England at 1, and National
of Ireland at 24 discount. London and Westminster Bank
Shares were 21 premium.
There was an appearance of steadiness in the Foreign
Exchanges this afternoon, the negotiation of bills on the
principal money markets of Europe having been effected
at the following rates :—Paris, 25f. 621 c. to 671 c. ; Am-
sterdam, 12 4-:‘ to 1 ; Antwerp, 12 31 to 4 ; Hamburgh,
13 10 to 4 ; Frankfort, 150 ; and Trieste, 9 57 to 58.

EXMOUTH.—EXTRAORDINARY AND DREAD,
FUL SUICIDE.—This town was thrown into great con•
sternation on Friday se'nnight by a report that a private
in the 9th Lancers, quartered here during the election
in Exeter, had destroyed himself in the most deliberate
manner by blowing his brains out with a pistol. The
report proved unfortunately too true, and the following
are the circumstances of the case :—the deceased, whose
name was Terence Shields, was billeted with several of
his comrades at Bastin's Globe Inn. They slept in
rooms at the top of the house. In the morning the de-
ceased had been out on parade, and bad returned to his
sleeping room for the purpose of shifting his parade
dress. This was about•ten o'clock. One of Ms comrades
was with him for the same purpose, but having changed
his dress before the deceased, he left the room, and went
to the stables. About five minutes afterwards, the report
of fire-arms was heard in the room, and an alarm being
given, the unfortunate man was found extended on the
-floor 'quite dead, half of his face being blown off. An
inquest was held on the body by R. H. Aberdein, Esq.,
on Saturday last, when evidence was given eliciting the
above facts. It appeared that the pistol with which the
dreadful deed was committed belonged to the deceased,
and so determined bad he been in his purpose, that he
had actually loaded it with four rounds of ball cartridge.
The balls were found lodged in the ceiling with a portion
Of the scalp of his head. The deceased had betrayed no
symptoms of insanity, excepting a slight melancholy,
previous to his destroying. himself, and one of his com-
rades deposed that five minutes before his death he was
perfectly cool and collected. He was somewhat given
to drinking, and had been intoxicated two days pre-
viously, which circumstance seemed to have preyed on
his wind. His sergeant gave him a good character, de-
scribing him as a quiet inoffensive man. He was twenty-
four
and not married. After deliberating
years of ago,
upwards of four hours, the Jury returned a verdict of
Febo de se, and the unhappy man was buried privately
the same evening, no funeral service being read over
his body.—Plyntouth Journal.
Mr. Thornton, General Alexander, and Sir Henry
pym, transacted business at the Foreign-office, Downy
lag-street, en Thursday,