The Sun.
London, England, 1840-10-07 00:00:00

MOVE I MARKET and CITY NEWS.

(TUESDAY EVENING.)
TIMES.—Some few of the Portuguese exchange
operators have ordered their friends at Malaga and Ali-
cant to take and remit as many good bids on London for
dry fruit cargoes as they can meet with. These orders
are on the supposition that the rate of exchange on
England will become still lower, in consequence of the
scarcity of London bills. The prices of oil and wheat
are becoming lower—of the latter, because the crops
have not turned out so bad as was expected. The
week's average price of wheat in Lisbon is 595. 4d.
per quarter, and at Oporto 575. ld. per quarter. Prices
vary exceedingly even in districts not more than 10 or
12 miles distant, and this is ascribed to the difference of
measure, and the difficulty of conveyance, owing to a
want of roads. It is said that the ships that enter the
port of Lisbon ?'or repair are repaired at a very expen-
cost, and it is suggested that the underwriters might
with benefit require estimates by two or three of the
most respectable shipwrights to he presented, so that a
check might thus be given to overcharge. The treaty
for the navigation of the Douro is still in an unsettled
state, and the Portuguese Ministers complain that the Di-
plomatic Committee has not presented its report. This
report was drawn up on the :20th of last July, and is
favourable to the navigation. The Spanish Minister
suspects that the delay is intentional, and has lately re-
minded the King and Queen of their promise that the
affair should be settled before last March. The Minis-
ters are said to be so much alarmed at the appearances
of a revolution that they will not lie in their houses at
night without a guard of troops at the door.
With respect to some accounts lately before the pub-
lic of the murder of British subjects at Buenos Ayres,
considerable doubts of their truth are entertained by
persons connected with the country. By the papers
published at Buenos Ayres a short time after the events
were reported to hare taken place, not only is no men-
tion made of any atrocities of the kind, but the greatest
harmony appears to prevail between the English and the
inhabitants of the country.

POST.—The general appearance of the money
market has been considerably firmer and more buoyant
in the course of the present day. Seldom has a greater
change in the opinion of the London public been noticed
than the last fortyeight hours have brought forward on
the Eastern question, and the true value of the re-
cently alarming warlike demonstrations of France.
A letter from the Count Lara to the Committee of
Spanish Bondholders has been translated and printed,
confirming the former version of the real powers and
propositions of the Count. From this document it does
not appear that this nobleman has much confidence in
his own ability to cleanse the Augean stable of the
finances of Spain. Amongst other disadvantages which
the Count has to overcome is Ms own ignorance of the
English language, as it appears from his earnest re-
quest that the Morning Chronicle and Morning Post
would cease from " compelling him to torture his dic-
tionary," the Count evidently having not understood
that the Morning Post was in direct opposition to the
other newspaper in defending the motives with which '
he had come to England, and which had been very
severely mistrusted by every Journal excepting the
Morning Post.
' The market for tea has been lower since the arrival
of the overland mail from India, large quantities being
reported to be on the way to England, re-shipped at
Singapore. The price of Company's congous declined
to 2s. 31d. per pound, with every appearance of lower
rates.

The hop duty is now estimated at less than 30,000/.
for the year 1840, which proves that there is not one-
tenth part of the average production, and confirms the
accounts of the failure of a crop which is the staple of
se‘cral counties, and is expected to cause very severe
distress.

CHRONICLE.—In a number of the Canton Re-
gister, just received, there arc some good remarks upon
the state of our trade with the Chinese empire since
the abolition of the monopoly of the East India Com-
pany, pointing out that a change was becoming daily
more necessary, and that it was a fortunate event for
British interests that the Chinese Government have so
irrevocably committed themselves in the opium affair as
to render decisive operations just and necessary. The
state of the free trade with China during the last few
years has been almost equally discouraging to the Hong
as to the foreign merchants. The Hongs as a body,
with only two or three exceptions, are said to be un-
worthy of commercial confidence, and latterly the fo-
reign trade has been nearly monopolized by the senior
Hong merchants and one or two others, who bought
the imports only through their poorer brethren.
This system, and the utter insecurity of foreign pro-
perty when it once entered the port of China, the
divided interests of the foreign trade, and the impossi-
bility of combination amongst its members for self-pro-
tection, and a counteracting force against the procecci-
ings of the Hong merchants and the local officers, ccea-
si3ned such a state of things as imperatively called for
the interference of the British Government in order to
protect and promote the British.and Anglo-Indian trade
1 to China. _ _ _

--
The Bombay Gazette states that the Black Joke and
two other vessels were driven off the coast by thirty war
junks. The Jardine, in a cocflict with the Alandarins,
received a shot between wind and water, and was com-
pelled to haul off to repair damages. Lin has offered a
very large reward for every opium smuggler's head, and
in retaliation the smugglers on the east coast have de-
prived every Mandarin they could lay hands on of his
tail.

We take the following account of an assault upon
Mr. Waghorn, from the private correspondence of the
ilfalla Times, dated Alexandria, Sept. 16 :
" Mr. Waghorn has had a very severe scuffle at the
house of Said el Gharbi, where he had been applying
for the release of the brother of his Sais from the duties
of a National Guardsman. High words passed on the
occasion, and Mr. Waghorn was violently ejected and
severely beaten. It would eppear, however, that there
was something to be said on both sides of the question,
as, on making application for redress to Boghos Bey,
Mr. Waghorn terminated the matter a rainiab/e, by
signing an apology. He has applied for the use of the
Paella's little steamer, to take the passengers by the
Oriental, up the Nile, but it seems that it cannot be
spared."

HERALD.—A regular steam communication be-
tween this country and India has been long greatly de-
sired there, and the announcement of the progress
which has been made towards the completion of that
object has give❑ great satisfaction. Light goods at
Calcutta were scarce for freight, and accordingly about
700 bales jute and hemp, apparently upon ship's ac-
count, had been purchased. As far back as 1810, much
attention (it then being war time) was paid, both by the
East India Company and the Government, to render
us, through our eastern possessions, independent of con-
tinental nations for the supply of the latter article ;
and yet, strange to say, until the last few years the
consumption here of East India hemp has been but
little. The situation in which we now stand with Rut•
sia, both politically and by the failure of the crop of flax
for the two or three last years, has and is now bringing
our own produce more into demand. The short quan-
tity at present shipped will go but in a trifling degree
to supply the deficiency occasioned thereby. The Canton
Register has a notice that another dividend on the
estates of llingtae and Kinqua would be paid by the
Consoo about the sth of May.
The credit the managers of the Consoo fund deserve
for these payments, under the present state of affairs,
should be thus appreciated ; they pay the foreign credi-
tors their claims on the bankrupt Horgs with their own
money, or rather with the money of the consumers of
Chinese produce, the Consoo fund being raised from
an imposition of charges on various articles of import
and export. Additional Consoo charges on tea had
been imposed to meet contingencies since the English
merchants left Canton, from which it may he inferred
that it private debts be thus paid, although we may
oblige the Chinese to pay our demand for the opium
destroyed, yet, by additional duties, the amount will
eventually fall upon ourselves.

SUN.—The value of Consols, upon commencing
business tc-day, was 87 for Money, and 86 to 86 for
the Account, a backwardation that proves the Bears to
have oversold themselves. Subsequently the price forn-
immediate transfer was 87i to -Z-, and fort e 14th i
stant 87i to i-. Exchequer Bills went down to 4s.
and Is. premium ; and East India Bonds fell from 3s.
to 12s. and 15s. discount. The New Three-and-a
Half per Cents. brought 96i to 96i ; and the Reduced
Three-and-a-Half per Cent. Annuities 951 to -,1-.
In Foreign Stocks business was not brisk, but prices
generally averaged higher than yesterday. Portuguese
New Five per Cents brought 32i to 1, the Three per
Cents. 241 to -.1. Colombian Six per Cents. were at
22. French Three per Cents. fell from 72f. 50c. to
69f. 50c. ; and Dutch Two-and-a-Half did not rally
beyond 491. The news by express from Paris, of Es-
partero having formed a new Ministry, gave a slight lift
to Spanish Bonds, the Actives having touched "*li to It.
Shares were nominally lower this afternoon.
On all hands it is admitted that the state of the
Foreign Exchat,ges is now such as to render some re-
strictive measures on the part of the Directors of the
"2vass/..1;2e. to 37c''
Bank of England, not only probable, but even expedient.
It will be observed by the following quotations at which
Bills were negotiated this afternoon on the principal
cities of the Continent, that matters are by no means
mending. On Antwerp tohne
iloi Return; an d
of ot
the
e Frrxapnokrltosrot ,f
pir_aart_Fis
- 1i ; on Am-
sterdam,
the official sterdain, 12 1 N to 12 li- ;
ofntoci
on Hamburgbing
the Port of London,a for the week ending
IB4uBili-I,ihootnorofllr4looll
Thursday last :--

Silver Coin to Hamburgh
Rotterdam
Belgium
Gold Coin to the British West Indies 3OO

There are several fields of barley and oats in the
neighbourhood of Dartmouth that arc not as yet gathered.

EVENING EDITION,

SPIRIT of the PUBLIC JOURNALS.

FROM THE MORNING PAPERS OF Tills DAY.
(From the Times.)
The great quantity of matter which has poured upon
us in the last few days has prevented an earlier notice
of Lord Palmerston's long despatch to M. Guizot, da'ed
the 31st of August. This paper is an able one. We
should be unjust to the Foreign Secretary and to our-
selves, if we did not state that it has in some degree
modified the impressions previously entertained by us,
and, as is most certain, by many other dispassionate and
independent lovers of " peace for the sake of peace"
in this country, with reference to one or more of the
points at issue between the allied Governments with
Mehemet AU, cn one side ; and the same British
Government, as one of those allies, kith that of his
Majesty Louis Philippe, on the other. We shall
not repeat a testimony, which would now he needless,
to the warmth and anxiety with which, from the
outset, this journal has deprecated the calamity of a
war, about to be produced, as there was strong
apparent ground for believing, by the preci-
pitate vehemence of more than one European
Court, and by the imputed carelessness of Lord Pal-
mersten in failing to ascertain with greater solicitude
and readiness the wishes of the French Government
with regard to the objects and intended execution of
the Treaty of July, before the formal signatures of the
Four Allies Powers had been affixed to it. The de-
fence, however, brought forward by the Foreign Se-
cretary is a direct denial of any such accusation on his
own part, and en that of the Allies. We must pre-
mise that a discussion upon the original objects of the
Treaty, including the actual mischief to be cured by it,
though not the nature of the remedy to be adopted, has
been rendered the less necessary, because it is admitted
in terms that the whole Fve Powers, France herself in-
cluded, had from the first declared themselves one and all
aereed upon the policy of maintaining the integrity of the
Turkish empire ; which, nevertheless, might ar ;night
not presume a simultaneous aceniereeece on all sides
in the expediency of the measures to be had recoui.o
to. Touching eikoenerits of the question latterly, that
is, since JulyeListi- relied epee -France, namely,
whether she had received due notice beforehand of the
_certain execution of the treaty, or hell a reasonable pre-
tence for taking umbrage at any want of consideration
slio;vn to licr, or slight or unfriendliness in the spirit of
the proceedings, Lord Palmerston distinctly affirms—
That she was made aware formally, in June, 1539, in
common with the other Four Powers, that " the only
arrangement between the Sultan and Mehemet Ali
which could secure permanent peace in the Levant
would be that which should confine Mehemet Ali's dele-
gated authority to Egypt alone, and should re-establish
the direct authority of, the Sultan in the whole of Syria,
as well as in Candia and the holy cities, thus interposing
the Desert between tile Sultan's direct authority and
the province to be administered by the Pacha ; and
her Majesty's Government proposed, that as a com-
pensation for the evacuation of Syria, Mehemet Ali
should receive the assurance that his male descendants
should succeed him as Governors of Egypt under the
Sultan." Thu French Government on this remarked,
that " such an arrangement would undoubtedly be Me
best, if there were the means to carry it into effect ;
but that Mehemet Ali would resist it," and " that coer-
cive measures would produce a state of things more
dangerous than the present ;" " but after objecting to
this plan," says Lord Palmerston, " for a considerable
time afterwards, the French Government had no plan
of its own to propose." The next proceeding of the Go-
vernment of his Majesty King Louis Philippe was to pro-
pose a plan—to wit, that from a point a little northward
of Beyrout, on the sea-coast, a line should be drawn
due cast in the direction of Damascus to the Desert, all
of Syria on the south of that line being assigned to
Mehemet AU, and all on the north to the Sultan. The
French Ambassador gave England further to under-
stand, that on the Five Powers agreeing to that arrange-
ment, France would unite with them in employing force
to compel its acceptance by Mehemet AU. It may be
fairly remarked here, that according to the scheme pro-
posed by France, the Pacha would be left in possession
of the fortresses and harbours of Acre and Beyrout, as
a formidable appendage to the half or more of Syria
which the Porte was to be deprived of. Tne British
Minister declined at once this project, objecting to it
besides, on other grounds, as an inconsistency in
Fiance, that she should assent to coercive measures in
favour of this arrangement, which was " incomplete
and insufficient for its purpose," when she objected to
the use of them when recommended by the Allies for
enforcing 0110 which would be effectual and com-
plete. Tile answer of Count Sebastiani to this objec-
tion way be looked upon as somewhat remarkable—viz.,
that in refusing coercive measures the French Govern-
ment were influenced by " domestic considerations,"
that they might be able to assure the public and the
Ceambsrs of their having obtained for Mehemet AU
the best terms that could be procured for him, and that
he had refused them. This is a ticklish argument
when addressed to foreign countries, because one knows
not where it is to end ; but we do freely and cordially
admit, that as a general maxim the concession of a boon
which would have a tendency to gratify the French
people is of itself entitled to a favourable hearing from
Great Britain, or any other neighbouring and civilized
State, if she can thereby assist the endeavours of a
friendly Government like that, we hope and trust, of
Louis Philippe's, in the promotion of an habitual sys-
tem of conciliatory politics, and if the thing solicited be
net in itself objectionable to any very injurious extent.
The following formal proposition was then, in the
same month of September, 1839, communicated by
the French Government to that of England—viz., that
' Mehemet Ali should .iave Egypt and the whole of
Syria as an inheritance, together with Candia, for life,
giving up nothing but Adana ; but not affirming, that
even with this offer, which was a retrogression from the
former one, either Mehemet Ali would be content, or,
if otherwise, that she (France) would assist in coercing
him. This being a proposal (says Lord Palmerston) to
give Mehemet Ali a legal and hereditary claim to " a
third of the Turkish empire," which he now occupies
by force alone, was declined by the British Govern-
ment. However, the Foreign Secretary made a further
offer, which was to adjust the maritime frontier of
Syria so that Mehemet Ali should have all the coast
as far north as Mount Carmel, including that im-
portant position, but excluding the town of Acre. This
offer was made on the express condition that France
should co-operate with the Allied Powers in enforcing
it on Mehemet Ali. Lord Palmerston then must be
told distinctly, that according to his own offer, he here
made the entire question depend on the possession, not
of the whole of Syria, as had been put forth in his origi-
nal prospectus, but on the half of it, minus the two
wretched towns of Acre and Beyrout. If his Lordship
was ready to give up so much, was it worth while con-
vulsing- Europe and Asia by a general ;var for the re-
mainder ? If Lord Palmerston went to war for a right,
it was his business to restore Egypt as well as Syria to
the Sultan. If he went to war for a profit, is it
possible that he or any man could imagine one-half
of Syria to be worth such a price—to be an equiva-
lent for the sacrifices of blood and treasure which he
has embraced as an alternative for those frightful
evils ? This, we tell the Foreign Secretary, is the
weak part of his case. But France, unfortunately,
has not left either England or the quadruple alliance
a monopoly of such errors. It is proclaimed by the
despatch or manifesto on which we comment, that
when the French Government was pressed upon the
subject, whether it would agree to coerce Mehemet
Ali upon any and upon what conditions? The answer
was " No, we will not agree to coerce Mehemet Ali
at all." Now, with every disposition in the world to
construe equitably and liberally the announcement even
of an adverse party, on a question of vital moment like -
this, what are we to think of such a declared resolu-
tion of the French Government, considering the earlier
admissions of its Ministry, and in a state of Europa
and Asia which, according to those admissions, was
fraught with evil, and called for an effectual cure ? If
a remedy were required, as was admitted by France,
it must mean, if it have any signification whatever,
a remedy against the acts of Mehemet AU. But
here the French Minister escapes from any dismis-
sion as to the amount of encroachment, usurpation,
and violence complained of, but answers to every call
upon it for a remedy—" Be the wrong what it may—
be the grievance what it may—be the peril to the eivis
lized world what it may—l insist that the wrongdoer
himself shall be the solo arbiter of the species of redress
to be exacted from him—l insist that in eshatever way
the estee is to be treated—whether by remedy, he shall
himself apply or sanction that remedy—whether by a
continuance of the evil, say, by an aggravation of it, he
shall not be restrained from either perpetuating or in-
creasing it ; if you, ye Powers of Europe, attempt to do
justice, you incur my supreme displeasure." So matters
proceeded until the change of the French Ministry ; after
which the now Minister, M. Tillers, confirmed in the most
positive terms the previous announcement of Count Sebas-
tiani, that no concurrence in coercion was to be looked for
from Prange. What then was to be done? The evil was be-
coming inveterate. France lied allowed as much, but,
ostOd still
s,,hrericould
weredo nothingwe ll s
satisfied
i;sfiaendd
andw'ha t
anxiousw a lefttof
tooan
for the ll,l,eist
h.
France, but not, says the despatch, "
in-
tentions, and of all the means whereby they ysigned. If
their
edwthithafter this
execution France."
fS hae,
em was apprised
rrhe
tr
treaty
na fullyt
y fairness, oifetlllmtehdei
France complains, she is bound
whathen she had betterre.
measure could have been adopted,
"al nature bad been proposed.
it were, of Mehe-
jSetoatteed paperat
whatever
rlo.ofr
ad
pProaaticl rntt!
ace
wr srtyora
asto"s.
With regard to the c`b
it, we
repeat,
an appearance of
met Ali, it carries with
- undignified and unwise. We do
and therefore coua y
after nll, that there may exist in the
solemnly, h
R •
trust
statesmen—French, Russian, and British—
harshness and intemperance, uonec:7ssary to its object,
hearts of state enough to reelse, it it be
virtue enough
t too late, the possz thes of their common can-
not ye-
d to take measures for restoring " peace, in
con-
dition, an and humanitybr
the spirit of peace.
The Ministerial French papers seem to have lost
their wits altogether. " The treaty of London," ex-
claims the Constitutionne/, " has wounded France, and