The Sun.
London, England, 1840-09-21 00:00:00

EVENING EDITION.

!!TONE I MARKET and CITY NEW S.

(SATURDAY EVENING.)
TlMES.—lntelligence has been received respecting
the state of the island of Tobago, by which it appears
that indolence on the part of the labourers is not com-
plained of, but their secession from labour on the
estates for other pursuits, sueh as the rearing of stock
and provisions for sale on pieces of land which they rent
or purchase, or, if they are unable to do this, the
entering upon such pursuits as may enable them to
reach a state of independence. Some of the planters
have endeavoured to render this disposition profitable
to their own estates, and have, therefore erected com-
modious houses, with grounds fit for raising stock for
domestic consumption, making it a condition that the
rent of these premises shall be paid out of weekly labour
on their estates.

CHRONICLE.—We have have received the fol
lowingadditional particulars regarding the plan of COW)
Lara

Y.
The arrears of Coupons due are 20 per cent., to be
converted as follows :-101. in Stock, bearing 5 per
cent. interest, the payment of which being guaranteed
by the Customs and other revenues of Spain, a sinking
fund of 2 per cent. will be established for the redemp-
tion of this Stock. The other 101. to be left a De-
ferred Stock, to be provided according to the amelio-
ration of the finat,ces of Split).
Count Lara also proposes the issue of 7,000,0001.
Stock ; one-half of whici to be applied to the conver-
sion of the Coupons, and the other half', tiz. 3,500,000/.
to be deposited hire, to be ❑egotiated at a future period.
Such are the outlines we have been able as yet to
collect respezting the Count's propositions, which we
have been informed may be considered as rejected by
the Committee, the members he'll; much divided upon
the subject.
Our wonder is that persons can be found to lend
their ears to such unsatisfactory arrangements, so in-
jurious to the interest of the bondholders, who have a
right to:txpest and must obtain much better terms from
Spain.

Let us suppose, for a moment, that the proposition
bad been accepted, and the Coupons converted as was
intended, and let us examine the advantage that would
result to the bondholders.

The 10/. Stock, even calculating it at the price of
50 per Cent., will give only .51., and the other 101. de-
ferred, at the price of 10 per cent. for 201. arrears of
Coupons, leaving the actual original bond in the same
uncertainty as now as to the pument of the future di-
vidends to become due.

We discountenance all plans based upon any princi-
ple of creating more stock or extracting money from
the pockets of tke bondholders. Spain must provide
'the means of naceAng her engagement?, by remittances
of revenues to Loudon on purpose, which she can well
afford to do when the country is thoroughly pacified,
her army plaged upon a reduced establishment, and her
resources developed by proper fiscal and financial re-
forms, and by the completion of a commercial treaty
with Great Britain.

The plan of Count Lara, viewed in the most favour-
light, amounts to no arrangement of the foreign
debt of Spain. It is merely an expedient for making
some settlement of the aqsears, coupled with the ob-
jectionable proposal of a new loan.
This is pitiful. Such a scheme might have been
listened to if it had emanated direct from the Govern-
ment of Spain during the existence of the Carlist war ;
but that being at an end the bondholders will reject all
such make-shifts. They will refuse expedients, and
look for payment.

HERALD.--Accounts from Manchester state that
the markets there are still dull, and trade heavy. This
is to be accounted for by the unsettled state of the
East ; several Greeks, and others trading to that
part, having countermanded their orders ; in cons(-
quence, both goods and yarns are a shade lower. The
blockade of Alexandria, and the extra premium for in-
surance have contributed largely to produce this state
of affairs. In the print and fancy trades, there is no
reason to hope for improvement, for the demand seems
to fall off, and therefore large stocks will be lett on
hand. The late failures may now be considered to
be arranged ; in the one case the creditors have ac-
cepted a composition of I ls, in the pound, and in the
other 10s, is offered, which, although the meeting was
adjourned until -Tuesday, will most likely be taken.
notwithstanding the badness of trade at Manchester,
the Liverpool Cotton nirket has been very brisk, and
yesterday .19 sales amounted to 5.000 bales at the ex-
treme prices or American descriptions. The new crop,
it is expected, will be much later than was anticipated,
and the early supplies will be all wanted for the North-
ern States, the manufacturers there being totally out of
stock. Although the importation of Cotton had in-
creased 311,565 bales compared with the corresponding
period of. last ye,r (being 1,223,669 bales against
912,104), yet'the stock, by a similar comparison, has in-
creased wily 63,976 bales (500,395 against 436,419).

ST.--The publication of the monthly report of
the assets an'& liabilities of the Bank of England exhi-
bits a diminution of the stock of bullion to the extent of
107,00,01., 'but the circulation has been increased
)35,000/. and the deposits are reduced 9.6,000/. There
is, consequently, no material change in the appear-
ance of the assets and liabilities since the publication
of the last runthly report, but it is important to be
observed holy small a comparative reduction of the
bullion has taken place, at a time when the foreign
exchanges have been in an uninterruptedly unfa-
vourable position with all the continental ports. The
exqhanges were even again rather lower in the
course of yesterday, but, as the business is remark-
ably small at this period, an unfavourable exchange is
not of so much importance with reference to the
bullion in the vaults of the Bank. The duty on wheat
and flour is rising rapidly, and the shipments of flour
to England from the American ports is reported to
have been generally suspended after the arrival out of
intelligence of the better prospect of the harvest of
Great Britain ; and this will tend to raise the rate of
~.schange on England, and prevent the exportation of
gold to the United States. The season for emigration
is also drawing to a close, and this will cause consider-
able sup*.s of bullion to be retained in England during
the nexWx months—a circumstance of some import-
ance, as the emigrants have been unusually numerous in
the course of the present summer, and these parties are
observed very generally to take out gold to the Western
World.

SPIRIT of the PUBLIC JOURNALS.

FROM THE MORNING PAPERS OF THIS DAY.
(From the Times.)
The Government people in what they just now say
and write appear to be taking a great deal of pains to
convince their friends that the Conservatives cannot
make an Administration. They do not at all affect to
deny that the existing Ministry would be utterly in-
capable of keeping office if Sir Robert Peel would
construct a Government of his own ; but they com-
fort and cajole one another with a mutual assurance
that its is impossible. We are far from questioning
the Whig estimate of Whig capabilities, not merely
because ten years of office have more than sufficiently
exgesed the materials whereof Whiggery is made,
but also because the incapacity of its administra-
tors gust needs be best known to those who see
them nearest Therefore, in so far as the underlings
of the Ministry attest the weakness of their own body,
they nay be worthy of all credit ; but as they are not
in relations of private communion with the Conserva-
tive party, and as that party has not enjoyed, except
for the few weeks during which Sir Robert Peel was
the Crown's first Minister in 1835, any official oppor-
tunity of showing its policy, under the great constitu-
tional reforms of our time, we must be pardoned if .we
hesitate in deferring to the opinion of these peremp-
tory judges on the subject of the Conservative in-
clinations and capabilities for office. There is one
great impediment which will always prevent these
people from forming any 'sound judgment of
what the Conservatives are Likely to do. They
do not understand the principle by which that party
is regulated. They see their own band of selfish
intriguers .hungry for office, dependent upon its
profits and patronage, and willing to sacrifice, not only
their. characters if they had any still left, but " they
good of ‘the Church, the safety, honour, of
our Sovereign and her dorniniYoth'os, and tney infer, from
the vicious specimens before thay this
. is the na-
ture of all political parties. Butemthetruth is, that their
own is not a pity in the sense inpro which
el that largely-
collective *ord is usually and properly yunderstfood ;
sectionin Parlia-
ment, the
that is, it represents the opinions of
party at all, is but a part
people, anti, if a
not a party of the nation. The party
sarreally a party : their foremen speak the sentiments oef
a great body
of people, who elect them to the Lemis-
lature and to local office expressly because they bare
Radicals.

(From the Morning Chronicle.)
The Times is labouring hard to convert the agitation
which is now going on in Ireland for a Repeal of the
Union, into a handle of attack against the Liberal Mi-
nistry. To read its articles one would suppose that
political discontent was a thing unknown in Ireland un-
til the Whigs called it into existence, in order to serve
their sinister ends. \Vas Ireland, then, so tranquil, so
prosperous, so attached to the English connexion, under
the Tory regime? 'What effrontery is it for the men
who, only twelve years ago, came forward to concede
Catholic Emancipation against the convictions and pro-
fessions of their whole lives, and avowedly from the sole
motive.oss of fear--.fear of agitation—fear of the Catholic
iatien—fear of O'Connell—now to turn round
upon the Whi'°s, and accuse them of treachery
and pusillanimity,stiThe the voickf because they do not attempt to
.free' discussion in a free country,
by the exploded
violenCe. Ministers are of arbitrary and ihegal
charged with culpable conniv-
ance, because they arell Mr. O'Connell to make
speeches, organise a society, and collect a rent, for the
repeal of the Union.
to know, is their guilt of a deeper "sPPet, rvo should like
w. 40
all:Lper dye than that of the
Duke of Wellington,
w•cd him to do the very