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

FROM THE MORNING PAPERS OF THURSDAY.
CHRONICLE.—The failure of a house in Lombard.street,
agent to seine of the banks in the Channel Islands, was an-
nounced this morning, and also the stoppage of the firm of Me-
rentier, Tokenhouse-yard, extensively engaged in the West
Indian and continental trade. The suspension of the first
named house is said to have arisen out cf the failure of Messrs.
Coils and Co., bill brokers, who had been guarantees fir their
acceptances. The stoppage of the house of Merentier is attri-
buted to speculations in sugar, and it is said that their paper is
in circulation to a large amount, of which a considerable por-
tion is held in London. The bankir'e firm in Vienna of Steiner
is also declared defaulters, and the banking► establishment in
Paris of Pierregues and Verninac is reported insolvent, arising
from their connections with Merentier. A small failure in
the West India trade took place yesterday in the City.
Rumours are abroad of other firms, but we hope without
foundation. These failures have given rise to a con-
siderable want of confidence and gloom in the City ;
but as there has been no speculation for twelve months
past, the circulation limited, and as the action of the banks
has been generally stringent since the autumn of 1839, we
do not apprehend anything like a money panic. There is great
depression in trade, and some establishments find it requisite
to wind up and to realise their securities. The fall of prices
consequent on the restrictive measures of the Bank, after the
exhaustion of its bullion in 1839, made it necessary for many
houses to bring their stocks to market at a heavy loss. That
change in value soon extended to the Culonies, and those who
hail made shipments abroad, to relieve the glut at home, suf-
fered a further loss from sending their goods to markets already
over supplied. The decrease in the Custom Revenues of
856,991/. within the year, notwithstanding an increase of
5 per cent., shows too plainly that the trade of England is in
a state of ecay ; and that the distress prevailing in the manu-
facturing districts must become still more general and alarming,
unless means be adopted to repleni h the springs of our pro-
ductive.industry so as to increase consumption, by giving cheap
food and better wages to the working classes.
TIMES. —Mr. Leatham, of Wakefield, who has already
written two pamphlets on the currency, has recently published
a table, showing in parallel columns the estimated amount of
bills circulating in Great Britain and Ireland, the quarterly
averages of Bank of England notes and other notes payable on
demand, the averages of bullion in the Bank and in circulation,
the average amount of securities held by the Bank, the
amounts advanced by the Bank as temporary loans, the na-
ture of the securities deposited, the interest demanded, and
the average interest allowed by the bill-brokers for cash, all
for a period of eight years, ending January, 1840. The
general inferences to be drawn from the inspection of
his table Mr. Leatham leaves to his readers, but he has added
some remarks to call attention to what he considers the more
remarkable phenomena. The quarters in 1832-3-4, with
which the table begins, exhibit the amount of bills in circula-
tion as expanding to a great extent the rates of interest charged
by the Bank as from 3 to 3i, and that allowed by the bill-
brokers for cash as still lower, and the bullion in the Bank
rising from 5,000,0001. to 11,000,0001., and subsequently de-
clined to 7,000,0001. The quarters from the second half of the
year 1837, through 1538 and 1839, show interest gradually ris-
ing to 6 per cent., a great decrease in the latter part of the
period in the bullion in the Bank, and in the earlier portion a
great decrease in the amount of bills o: exchange. This re-
action is but the result, according to Mr. Leatham, of the ap-
parent prosperity of the former period.
POST. —Trinidad papers to Ma) 22, Demerara to June I,
and Jamaica to June 2, have come to hand by her Majesty's
picket Seagull. The ship Elizabeth and Jane had just arrived
at Trinidad with 181 African immigrants of both sexes of
board, all in perfect health, after a passage of 28 days. The
accommodations provided for the comfort of the poor negroes
are spoken of as having been most ample, and great credit is
given to those interested in the outfit of the vessel for their hu-
manity. The labourers seemed to be in no great hurry to en-
gage themselves, but evinced a disposition rather to look
around them in the first instance to ascertain how they might
do so to the best advantage. They proved intelligent men,
and far superior to those usually landed from captured slave
ships, while most of the number were able to speak the Eng-
lish language. On the departure of the Elizabeth
and Jane from Sierra Leone, two more vessels were
there, about to receive emigrants—one bound for Jamaica, and
the other for Demerara. The people of Trinidad seem to feel
it as a great evil that the island had no agent to represent it
in England, and to watch the proceedings of the President of
the Board of Trade, who had announced an intended alteration
in the customs' duties. The barque Superior had reached
Demerara with 202 Kroomen and freemen. The Superior
also had a very favourable passage, no deaths having occurred
since she left Africa. Lodging and every necessary was afforded,
the whole at the expense of the colony, until they should be able
to procure suitable emplyment. The same vessel was char-
tered to return to Sierra Leone for a further supply of labourers.
Arrangements were making by the islands generally for the
introduction of free labourers upon a scale that should greatly
discourage any project the effect of which, in the event of its
being carried, would be to give extension to the cruel traffic
so obstinately persevered in by that most immoral of nations,
Portugal.

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COWES, ISLE OF WIGHT.
(FROM OUR OWN CORRFSFONDVNT.)
ROYAL YACHT SQUADRON INTELLIGENCE.
ARRIVALS.
JULY 2d.—Breeze yawl, Thomas Legh, Esq., from the west-
ward.
4th.—Anon cutter, Lord Godolphin, from Calais, light
breeze, S.W. ; Iris cutter, Sir R. B. W. Bulkeley, Bart., from
London.
6th.—Lord of the Isles cutter, James Weld, Esq., from
Southampton.
7th.—Talisman cutter, Robert Meiklam, Esq., from Cher-
bourg, fresh breeze, W. N. W.
Bth.—Emerald cutter, J. L. Symonds, Esq., from South-
ampton.