The Sun.
London, England, 1841-02-16 00:00:00

ITY NEWS

MONE Y MA

£30,000,000
Spain has found, therefore, a good and able financier
Senhor Gambia. Espartero is borne out in suing
.hat he would find half a dozen of honest rren to carry
on the Government; and when the new bonds bear iete-
rest at five per cent., we shall be satisfied that the Spanish
Government will see that, if they are determined to act
with good faith in their future measures, their creditors
will freely come forward to meet their convenience to-
wards payment of the dividends due next July in cash.
They hold out a hope of fully doing so in their decree,
if they find that they have the ability to do so. Where
can the difficulty be with the security they can offer ?
Have they not valuable mines ? I)o not their colonies
all yield a surplus revenue ? Cannot economy be intro-
duced into every branch for collecting their revenue, and
generally by simplifying their intricate accounts ? Will
they take no example from surrounding States ? Is not
the time arrived for reducing their army, and expenses. of
heavy establishments, both for men and for the materials of
war, now that peace is universally called for, and their
power is consalidated ? Does not justice require that our
claims should be attended td, and met with the same cor-
diality and good will as we evinced when they called upon
us for our assistance in the time of need.
" I would recommend that, if they cannot pay the whole
interest next dividend day, that is, on the Ist of the ensu-
ing July, they should pay three per cent. in cash, and two
pr cent. in the land warrants ; in this way there is provi-
sion made, you will observe, for au addition to the ten mil-
lions of newly-capitalized coupons, raising the amount to
13,200,0001., which would all be extinguished by Senor
Geoub:,-It's measures, exclusive of a further redemption of
twelve mitlions sterling of the consolidated debt.
" By this means I say that the weanbier classes in the
country, the landed proprietors, merchants, and manufac-
turers, would unite in a common feeling of confidence and
security, and, as Lord Clarendon wisely anticipated, they
would take an interest in the national property and the
Government funds, and Spain would at length emerge
from a state of supineness and thraldom to a feeling of
concord and universal happiness.
" If you should find any error in this statement, or in-
accuracy of any kind in figures or in argument, my design
is not to court controversy, but to elicit truth and establish
facts,,as well as to recommend justice and equity, and mo-
deration, as the most respectable way of settling the busi-
ness between the Spanish Government and the bondhol-
ders, and I shall be glad if you will correct it.
" I remain, Sir, your most obedient servant,
"London, Feb. 12, 1841. " A CREDITOR."
We shall, perhaps, have some remarks to make here-
after on the above letter. In the meantime we shall only
observe that wo do not understand the national domains to
be included in the valuation of 20,000,0001. of church
properties, and estimated to sell for 30,000,0001. The
national domains, or at least the Crown lands, are sepa-
rate and distinct, according to our impression ; but we are
not prepared to give a decided opinion on that subject a
present.

By papers laid before Parliament, we find that the total
amount of the unfunded debt outstanding on the sth of
January, 1841, was 22,272,675/. ls. 4d., and the amount
of deficiency bilis outstanding on the Ist instant, charged
on tho growing produce of tho consolidated fund, was
4,690,0001.

By the abstract of the receipts an ,1 payments on account
of the duties levied for the northern lights for the year
1539, it appears that
The total receipts were £43,952 2 9
Add balance on hand 31st March, 1539,
per abstract for 1535

69,803 8 5
The payments

Balance.... £33,217 15 11
The expenditure on lighthouses for the year has been
14,1.271. 23. But there is a very questionable item in
these account; under the bead et " half-yearly dinners to
the Commissioners," stated in the account before us at
" 175/. 55." equal to 350/. 103. per annum. This is clearly
a waste of revenues drawn us a tax from the shipping in-
terest. It is somewhat unaccountable how so large a
dinner bill could be mustered up, except by a very useless
" gathering" of friends and guests to cat imd drink at
the expense of the perple, or by a series of feeds.
The Commissioners consist of a few lawyers, we be_
. lieve, and two or three Provosts of towns i 0 Scotland, but
even if we were to state them at 12 in number, and allow a
guest to each, in all 24, and give them the benefit of the
" Clarendon prices," 31. a head, we should only have one
dinner bill of 721. instead of 175/. The Commissioners
dine, we suppose, at the public expense once a month.
The charge should be (Fsaflowed alwgether. It is no-
thing but waste—downright waste of money drawn frog,
the trade and enterpriza of the country. Then, again, we
see 1881. put down as the charge; of a deputation of the
Commissioners visiting little Ross Island and Lighthouse
at the Mull of Galloway. A 3 there is an engineer at
7001. per annum, and a secretary at 500/. per annum, the
visit of this " deputation" might have been dispensed with,
or one Commissioner only sent to the spot, if absolutely
necessary.

POST.—The English funds have improved to the cx-
.ent of 4 per cent. on yesterday. The alarm felt in the
first instance, as to the possible issue of the correspond-
ence of Mr. Fox and Mr. Forsyth, seems to be fast sub-
siding, but, beyond this, we arc not aware of any fresh cir-
cumstance having transpired that can be supposed to have
influenced prices. The Money Market has, at all events,
undergone no favourable change worthy of notice.
The commercial information by the Express packet from
Rio Janeiro, coming down to the 15th of December, pos-
sesses nothing of striking interest. The business done in
exchange on the eve of the packet's departure bad been to
a fair extent on London, at the rate of 31d. for drafts,
at 60, and is some instances at 90, days' sight; on
Hamburgh at 575r5. ; on Paris at 312 rs. No cause for
the recent decline was to be assigned, any more than
for the previous rise. There had, however, during the
•L. been a falling off in the supplies of coffee, owing,
n a measure, to the rainy weather, and to the elections
[Or the. new House of Deputies, which, for the last
few days had engrossed the attention of the popula-
tion of the province. The shipments in November were
stated to be 104,188 bags (against 92,151 in November,
1839). The prices of this staple had risen in proportion
to the decline in the exchange, being 150 to 200 rs higher
than last advised. The sales for December had thus far
amounted to 70,524 bags, leaving. a stock of 800 bags of
all descriptions, and offering, for the moment, but little
choice for purchases. Superior qualities were selling
freely at from 3 800 to 4 milreis Very select parcels
Fetched 4 200. In November there were cleared for *he
United States 36,191 bags, against 21,927 bags in the
corresponding month of 1839; 15,667 for the English
Channel and England; 8,442 for Hamburgh; 3,204 for
Antwerp ; 2,280 for Havre ; 3,456 for Trieste ; 1,447 fur
the rest of the Mediterranean ; and 269 for the River
'Plate. Hides, notwithstanding the opening of Buenos
Ayres, were commanding good prices. A matrimonial
alliance for the Emperor, as well as for another of the
Princesses, was engaging the public attention, and an
agent comes to Europe invested with the authority to
negotiate upon the subject.

mom

THE LATE MAJOR SIR R.:7-We understand
that arrangements are in progress for the Exhibition, and
ultimate Sale, by Auction,tb. in the city of Dublin, of the
invaluable collections of
arts, whose well celebratedknoewstneejmuld:gjlnenta nd
taste amateur
aai niot iiiiee
collector
garreavisrolg,,unairveersally
mmtehless • tht .
and
their contents ; the Antique li.o tes of this our island and of
Natural History in the
sm;esthaerveaaruietdhespneticchnnn-encl,
ogTnuine ; the china rich
i.enugm their
abfonersde:cgculorinicodluiition ; and, in short, tI";., entire of the collection
of so rriect a nature as to leave to be wishr,d
for by virtuosi or connoisseurs desirous of enriching
collections by additions from this celebratednrmilcuhs
which the most profuie expenditure has been.
.avished% onto
render it unequalled by that of any private individual.
Died on the 20th ult., at the Grove, near Dur-
ham,
aged 78, Elizabeth, relict of Stephen George
Kernble, Esq. In early life Mrs. Kemble, formerly Miss
Satchel!, was one of the first actresses of her day, ard.
was decidedly the greatest favourite ever attached to the
Newcastle stage. In almost every range of character she
was eminently successful. She was allowed to be the best
Ophelia on the stage, and she was equally excellent in
the difficult and very opposite characters of Mrs Haller,
Portia, Nell, Beatrice, Cowslip, Cicely Homespun, &e.
Her remains were interred by the side of her late husband,
at the Nino Altars, in Durham Cathedral,

(SATURDAY EVENING.)
CH fIONICL E.—The funds continue firm, and the
improved quotations of esterday were fully maintained.
The feeling has been altogether better to.day, and
the appearance of some of the leading Hebrew party
as buyers has given additional confidence.
We have received a communication on the subject of
the recent proceedings of the Committee of Spanish
bondholders, the substance of which follows :
" TO THE EDITOR OF THE MORNING CHRONICLE.
" Sir—Your City article of this morning's paper
places the views of the Committee of Spanish Bond-
holders in a proper light, and suggested a right course
to be pursued, that of showing the sources of power for
liquidating the entire debt now to be capitalized, and also
the benefit to the Spanish Government from the operation.
" The Spanish Government, I believe, will be grate-
ful to the British public for respinding, to their late
decrees with such promptitude. It is expected by the
creditors that their request fur an advance from three
per cent., which is the proposed rate, to five per cent.
interest on the capitalized coupons will be granted,
as nothing could be mare just, seeing that the
contract was clear, and spec ied payment of the
interest half-yearly in cash, either in London or Paris.
We may, therefore, consider the matter settled and cane
firmed, and the sooner the arrangements take place, and
the notice is published as an aiverthement from the Soa-
nish agents here, the better it will be for every one, now
that the business has been so long pending, and so many
delays have already occurred.
" In your late statement of the Spanish resources, you
mentioned that the property of the clergy, and, I presume,
the national domains added thereto, amounts, by ' official
valuation, to twenty millions sterling, and it is fully be-
lieved it will bring thirty millions.' You also rated the
arrears of interest about to be capitalized at nine to ten
millions sterling. Assuming the latter sum to be correct,
it is quite clear that the whole of these land warrants,'
as this stock has been properly termed by you, will be
fully redeemed by the proposed three years' operation,
even if thirty millions sterling of this national property
only absorbed thirty millions of their stock, and in the fol-
lowing proportions, which is represented in the Finance
Minister's decrees, namely, payment will be received of
" Sixteen per Cent. in cash, very properly
for the clergy • X 4,800,000
" Forty per Cent, in the Consolidated
Debt
" Forty-four per CHit. in Land Warrants
or Capitalized Coupons 12,200,000