The Sun.
London, England, 1841-12-21 00:00:00

MONEY IVIARKET and CITY NEWS.
FRoM TIM MORNING PAPERS OF THIS DAY.
ES.-e-Fr in recent incr.:Lies on the sub-
lee.-t, it ti t!.e queio er. (if duties
coin
the
coio ceeee eee 'eee etecli more hie-
Joreint eee; iJee ne-t, the:, iL is
t
eing ti lie t.gifated iu :Al; her quarters than
the parties wno first made their complaint, and
that from being a matter affecting the interests
of private indirideak, it has become one of de-
cided TliriOf Tylpf.ir iirf'. At first the intro-
duction.. eer; neetif4ettired state, and
afterward,. melting it down, was spoken of rather
as a contingency of the present state of the tariff
—as a fraud on the revenue that might perhaps
take place in a few instances—but now it appears
that there are no bounds to the injuries which the
existing anomaly may inflict on the revenue. So
little is done to the snear to give it the appear-
ance of a manufitetured article, that there is not
the slightest dificulty in restoring it, so ai to be
perfectly fit fbr the use of the tnanufacturers
of British wines, and of tin almost endless list
of trades in which sugar is employed,
and in which this article, paying scarcely
any duty, may be used, to the utter exclusion of
that which contributes so materially to the reve-
nue. As for the means that have been adopted
to import sugar at 7s. Gd. instead of 245. per cwt.
(for such is the difference), in some instances a
few almonds pieced whole in the sugar, and with-
out the slightest alteration in the sugar itself
have been found sufficient to stamp the sugar as
an article of confectionery ; in others, a black
mass is produced by Thixing, sugar with charcoal,
which, when the sugar is melted, rises to the
surface, and can be removed immediately. The
ease with which thls is effected is so great, that
the practice may end almost in the consumption
of foreign sugar. alone ; for the whole expense
of separating the sugar from the particles of
other matter is estimated at about 2s Gd. per
cwt., which, added to the 7s. 6d., makes but
103 ; so that all chance of competition is taken
from the employers of raw sugar, which has
to pay 245.
Another point is, that there is every reason to
believe that foreign, and not British, colonial
sugars are employed by the manufacturers of
the Channel Islands, for such is the state of the
law, that it seems they could import goods made
from Colonial sugar free of duty altogether, so
that the payment even of this small duty of 78.
6d. would seem t) imply that foreign sugar is
employed. Indeed, the cheap rate at which
sugar can be made in Cuba and other slave-
holding
countries would, of itself, render it ex-
tremely probable that a preference to foreign
-sugar would be given in the Channel Islands,
above that produced in our own colonies. Viewed
under these aspects, it will be seen that the
question assumes a most extensive bearing; fir
wit only does the adeliseion of the confectionery
at low rates injure the revenue by depriving it of
much of the duty on sugar, and the workmen,
by giving a premium to foreign labour, but it
also injures our East and West Indian posses-
Lions, and holds forth an encouragement to slave
labour.
POST.---The Stock Markets were generally
worse to-day, and, although the quotations for
taoney ace...nu:nod:l6on have not exceeded from
4 to 5 per cent. on the security of English Stock,
loans were greedily accepted at the lower rate,
and this to the utmost possible extent. It was
reported, by way of accounting for the depres-
sion, that advices of ao unfavourable nature had
been received from Paris, and that some fresh
difficulty had arisen on the American boundary
question, but no particulars upktyn either subject
transpired that we are aware or.
CHRONICLE.—The injurious effects of the
Corn-laws epon the Money Market are power-
fully developed by Mr. Greg, chairman of the
great meeting at Manchester, on the cotton
trade, in his speech reported in the Chronicle of
this day. Towards the conclusion of his address,
and in the recapitulation of his reasons for be-
lieving that the Corn-laws are the principal cause
of the prevailing distress, Mr. Greg instanced
the derangement of the currency which they oc-
casioned, by compelling us to pay for our
imports of corn in bullion. We believe
that the " sliding scale," by rendering any
steady trade for the supply of this market
irrieracticable, was the principal reason which
prevented the continental growers from taking
payment of their corn in British goods.
As no steady demand comes from this country,
or can be depended on by the foreign merchants
when orders are received in the Baltic and Me-
diterranean ports, the supply is inadequate,
prices take an immediate start, and the cost is
enhanced probably 50 per cent. ; the gold is im-
mediately drained off from the Bank . • the Di-
rectors apply the " screw," and bring down the
price of every thing. Thus, while the price of
food is doubled to the consumer, the price of the
produce of his labour is depressed in an equal
proportion. Then foreigners take advantage of
our low prices and appear in our markets, buying
at forty millions goods which ought to have
been worth fifty millions. In the last
few years, the price of the different kinds of
foreign corn imported has been increased
16,000,0901. by the influence of the sliding-scale.
The titcts adduced by Mr. Greg afford new evi-
dence, if such were wanting, of the falsehood of
the monopolist argument, that the price of labour
must fall proportionally to a fall in the price of
corn. The effect of a rise in cite price of corn is
to produce a fall in the price of labour. When
the supply of corn in this country is deficient,
the increased demand raises the price abroad,
hieh must be peid for in bullion. tilat payment
drains the Bank of her gold, and turns the ex-
vitages against this country. On the other hand,
when the harvest has been abundant in this
country, and the price of corn consequently
.heap, there is an influx of gold from the legiti-
mate operations of trade, our exports exceed
:,or imports, and the Bank, being relieved from
any fear of pressure on her ce4rs to pay for
tiod, keeps itneley easy, and an adiiional
reinetity 01 it is in exchange fir cote-
toodities. ne.ee. ene prodaetien nee the dr.
inand for labour increases ; and that demand,
rising above the supply, necessarily im-
proves the money price of wages. If the
16,000,000/. taken off for the price of corn
during the last few years, as a tax to maintain
the rent of laud, had been DOW in the coffers of
the Bank, her pusition would have been that. of
unquestionable stability, and she would have
been able to keep up a full currency, and greatly
to alleviate the preeeure of distress ; , but in-
stead of beta.;
atr"irs she has been strueglitre hard
to keep herself from rail'i and. rifler having
weathered the Payment of ten.i million and a half
of quarters tor 1841, the Directors are looking
forward with renewed anxiety to meet the im-
portations of 184'2.
SUN.—There was not maul) business done to-day in the
Stock Market, and the quotations exhibited less buoy-
ancy. Fon present transfer Consols were not dealt
in
to-day, hot for Account they closed at 89 to 89' ex. di-
vidend. Exchequer Bills ranged from los. to 1954. rem. ,
and East India Bonds prem. The ReducedPThree.
per Cents. brought 89,i to /1 ; and the Three-and-a-Half
per Cents. 98-i to 99k.
In the Foreign Market there were bargains in most
ef the Stocks, but without much fluctuation in prices.
The Active Spanish Securities were a shade lower, be-
ieg at 234 to 23 ; Portuguese New Five per Cents.
realisod ; Russian Bonds improved to 114 ; mexican
,vere steady at 26{ ; Colombian at 2041- ; and Perevi„
at 14i. ; Brazilian Stock of 1839 was marked .150 ; and
Chilian Bonds were 79i ; Belgian touched 101 ; Danish,
801 ; and Dutch Two-and-a-Half per Cents., 51k.
A. moderate business was done in the Share Market,
though easier rates were accepted when sales became
at all pressed. London and Birmingham Railway Shares
were 75 ; the New 25 ; Great Western, 19 to 19e ; the
New, 9:4 ; the Gosport Junction, 61 ; and the South
Western, 19i to 184 prem. ; Brighton Shares were 114
to 121 ; Manchester and Birmingham, 11 ; Midland
Counties, 154; and South Eastern, 22+ discount ; A.us•
trills4ia Bank Shares were 134 prem.

WESTMINSTER ABBEY DESCRIBED BY AN
Aster.tcsx.—There is a great nuisance connected with
Westminster Abbey, growing out of the fact, that, through
the week, one cannot get into these churches without
for it, while on the Sabbath the admission fee is
They therefore constitute the most important
:141aceli (II public curiosity and amusement in the city on
the Lord's•dav, being sometimes thronged like a tnena-
gorl- When soy the admission fee is taken off, I opght
to nstriet this expression, There is an ineffuble mean-
Dela about the whole matter. On the Sabbath, while
tw'ql• are admitted through the external portal of the
Abbey without fee, a railing or iron fence, the gate
of which is locked by the keeper, prevents them
ffom turning either to the right or left to explore the
curiosities of the Cathedral, unless they pay for it,
and turns them into the enclosures of the choir, where
they hear Divine Service and the music gratis, end
soberly go out again. But, it they are vt:llinsr to pay,
they may run round the Cathedral on the Sabbath, and
in time of service, if they choose, as on any other day,
or at any other time ; and the admission fee of three-
pence at the portal being taken off to clear a way gratis
as fAr as the choir, makes the cost of seeing the Cathedral
on Sunday just three-pence sterling less than on a week
day t My house shall be called a house of prayer, but
r; have made it a den of thieves." It is mean erv,ah,
to a great and
t o wealthy nation such as England, to tax
the entrttnee the house of God in the week-time,
gathering a pitiful revenue at church doors, for the sight
crythe inside of the buildings ; but, to contrive such an
alternating tariff
Jew- of prices for the Lord's-day inclusive,
j
is sort of obbing business, into which, one would
think, the holy Mother Church Establishment would hardly
condescend to enter.—New York Evangelist, Nov. 20.
Sir James Graham had a long interview with Sir
Tz. peel yesterday morning, at the Right lion. Baronet's
residence 14 Whitehall-gardens.