The Sun.
London, England, 1840-10-17 00:00:00

MONEY MARKET and CITY NEWS.

(FE,IDAY EVENING.)
TIMES.--From the official publication relative to
the actual position of the Bank of France, two things
in particular are to be observed :-
1. That the specie in the vaults of the Bank exceeds
the amount of the notes in creulation, not only accord-
ing to the actual position on the 30th of September, but
also according to the average of the three months.
2. The amazing activity of the deposit accounts, and
which is of that nature, that, independent of the usual
and ordinary payments made by means of these depo-
sits, they have served to liquidate, during the last three
months, transactions to the amount of 1,651,727,g00f.,
by means of simple transfers from one account to an-
other, without the money once stirring from its place.
And yet the currency blunderers of this country, no
doubt artfully so, pretend that deposits are not money !
Further, in regard to the general view, it may be
observed-
1. That this publication exhibits a wonderfully sound
position of things, and justifies the remark of M.
Thiers in his speech on the occasion of the renewal of
the charter, that the Bank of France is the most solid
and best conducted establishment that ever existed.
2. That the publication itself is a perfect model of
the way in which the accounts of a Bank ought to be
exhibited to the public. Compare this with the meagre,
imperfect returns of the Bank of England, and see on
which side the balance lies.
It must be observed also, that,' independently of the
present publication, which is intended for the whole of
Europe, a daily statement of the position of the Bank of
France is sent to each of the French Ministers, of
which any respectable person may have a copy. In
short, the Bank of France, acting uprightly in all things
and to all persons, and therefore, having nothing to
conceal, exposes its affairs fully and openly to all the
world ; whereas, the proceedings of the Bank of Eng-
land are ever veiled in mystery and subterfuge, and
never, from the first foundation of the establishment to
the present hour, has it produced the least account of
its own proper motion, but everything has had to be
forced from it by the Legislature.

both being quoted without the privilege of taking the
Fifth Shares. Brighton were at 1l s, Blackwall 31,
South Eastern 18k, and Croydon Trunk 2fl- discount.
Birmingham Quarter Shares 191, Manchester and
Leeds 17, and South Western 12i- premium. London
Joint Stock Bank Shares were 21 premium.
There was a slight improvement this afternoon in
the rates of the Foreign Exchanges, Bills having been
negotiated as follows :—On Paris, at 25f. 371 c. to
42ic. ; Amsterdam, 12 1 4 to 1 ; Hamburgh 13 7
to ; Frankfort, 148 ; and Trieste, 10 to 10 2.

SPIRIT of the PUBLIC JOURNAL'.

FROM THE MORNING PAPERS OF THIS DAY.
(From the Times.)
Another document from the hand of M. Thief
made its appearance in the course of yesterday morn-
ing. It bears date the Bth instant, and was delivered
to our Government in the course of Saturday, the 10th
instant, that is to say, at the same time with the long
despatch of M. Thiers, dated on the 3d, but sent over
on the 9th, and therefore laid befote Lord Palmerston
at the same moment, as there is every reason to sup-
pose,:with that of later ostensible preparation. The
document on which we have already made some observa-
tions, viz., that dated on the 3d of October, was, as oar
readers are aware, in the nature of a controversial nar-
rative, got up to vindicate the past conduct of the
French Ministers throughout the negotiations and dis-
cussions on the treaty. That paper, without expound-
ing very clearly what had been already done by France
—touching which there were considerable altercations—
was totally silent with regard to what she would do here-
after, beyond the inference which might be drawn from
the bitter complaint of M. Thiers, that the allies had
talked of taking away from Mehemet Ali the three
Pachalics of Syria, north and north-east of Acre.
Some ground was therefore laid for suspecting that a
stand was to be made for these, and that the honour of
France was to accept as a sacred trust the guardian-
ship of the Paella's piracies. However, that question
appears now to be pretty well settled. In the docu-
ment before us—if there be any faith in words, and no
one-sided construction, like that affixed by M. Thiers
to the " integrity of the 'Turkish empire," to be appre-
hended, his Excellency leaves the fate of Syria to abide
the chances of the war for its recovery now waged
against Ibrahim Pacha, and indirectly announces that
the final requisition of France in favour of the Pacha
will be limited to that of which none but the shallow
brain of Lord Ponsonby would deprive him—viz.,
the possession of Egypt in hereditary sovereignty.
, For our parts, our declaration has uniformly been
that with the settled sway of Mehemet Ali over
Egypt we saw no reason why England and her peo-
ple might not be thoroughly contented. He has
never, that we are aware of, shown any repugnance to
Englishmen, but the reverse ; and though he may not
heve proved himself the most liberal of merchants, the
mildest of governors, or the best instructed of political
economists after the modern fashion, there was a sturdy
shrewdness and tenacity of purpose about him—a care
for the security and satisfaction of strangers and a sense
of the benefits derivable to himself and others frara the
establishment of order and the suppression of unlicensed
outrage, which, though they did not perhaps bespeak
the existence of many of the higher attributes of a rs-
Clued and all-pervading civilization, yet did certainly
afford to European visitors or speculators- some of its
snore solid and profitable advantages. The Porte loses
nothing, not merely that she could retain, by which she
cculd in any manner profit, in surrendering all title to the
dominion over Egypt. Mehemet takes nothing to which
any but the Porte herself has a right, nor anything
which would be coveted by other Powers, except it
were by France herself, who has more than once, and
on memorable occasions, displayed some appetency fer
the soil, and possibly still more for the situation of
Egypt, holv!ing as does whoever may be her SOve-
re,gn the keys of the high road to the regions of further
Asia. We state ail this, because Mehemet Ali has
the Times read to him, and knows well to what exterie
it speaks the opinions and feelings of Great Britan. It
is right for him to be assured that England has towards
him no schemes of wanton, of selfish, treacherous, or re-
vengeful hostility. It is right for him to be assured that
he may have England henceforth for a steady, active,
and valuable friend. It is right for him to be can-
vinced that we have not needlessly pushed ourselves
into this quarrel, which is' but nominally between
him and the Porte ; that if the Porte and he
were the only parties concerned in the issue of it,
they would (so far as England has any leanieg) be
left to adjust it by themsdves ; that if Russia were
not at hand, the Treaty would never have existed ; that
if no France had been there, the Treaty would never
have been thwarted, nor the evils aggravated which it
had been framed to remove. If such euggestions be
Merit firmly before the eyes of the Pacha, he will have
reason to be won pleased, as he will be incalculably
benefited, by the speedy settlement of this unfortunate
disturbance. It is a matter, therefore, of infinite 'erati-
, fieetion that there is a fair and propitious groundwork
laid for a restoration of good understanding and good
i e• 1.1 amongst all parties, and especially for a realiznion
of that bright vision the momentary disappearance
of which 11,1. Thiers seems to lament so feelingly—
to wit, a solid friendship between France and
England, ministering by its conscientious, cordial, and
careful maintenance to the repose of society and the
welfare of all Contemporary nations. . . . How-
ever, M. Thiers assumes a tone of good humour in re-
ferring to the disavowals on the part of the Allied
Po.-vers, pronounced immediately on hearing of the
liaaiia's outlawry ; and in that temper we are happy at
present to take leave of his Excellency, trusting tliat
La huge France and the street-singers of the " Mar-
seillaise" may treat the " Minister of Public Opinion"
with an equal measure of forbearance. We most cor-
dially hope that he will weather the storm, which, whe-
ther intentionally or not, be has certainly helped to raise.
(From the Morning Post.)
'The late despatch from M. Tillers to M. Guizot men-
tioned a supplementary note as having been written by
the same author on the same subject of Eastern affairs.
In another column we give, hosts the Morning Herald,
what purports to be a copy of the note referred to. We
confess. host ever, that we entertain considerable doubts
of the authenticity of the document in quest:on, be-
cause in our judgment it is too palpably absurd even for
M. Thiers. Still we are induced to publish it, from the
circumstance of its having appeared in the Herald, the
ouly British organ, we rejoice to think, of the Thiers
policy. M. Thiers, if to him we must attribute this
farrago, sets out by stating that Mehemet Ali has
signified to the Sultan, his master, his willingness
to accept the hereditary government of Egypt,
throwing himself on the magnanimity of the Sultan
as to the other territories in dispute. As this an-
nouncement has already baii—Piiblisheil' in all the-
journals of Europe, we are somewhat surprised at
finding it set forth, with all diplomatic formality, as the
principal topic in an official State paper ; but what was
our astonishment when we found that, in recapitulating
the determination of the Pacha, M. Thiers in the very
next sentence describes it as an offer to accept the he-
reditary sovereignty of Europe, together with " the
possession, during his life, of Syria" ! The misrepre-
sentation here is so gross that, if it have been involun-
tary, I\l. Thiers is not fit to be the junior clerk in his
own bureau ; if a wilful attempt to deceive, we can
hardly conceive that a single foreign Minister accredited
at the Court of the Tuiler:es can condescend to hold
any further communication with him. M. Thiers pro-
ceeds to state that, if this offer had been accepted,
France would have undertaken, in concert with the other
powers, to guarantee its fulfilment. But that concert
must have been first procured, because the offer is a new
one on the part of France. The former proposals of the
French Government were, first, that Mehemet Ali
should hold the part of Syria south of a line-hlrawn
from Beyrout to the Desert near Damascus : an sub-
sequently, that the Pacha should retain hereditarr pos-
session of Egypt and the whole of Syria and tie. Go-
vernment of Candia for life. It is clear, then, tI e. the
conditions offered in the present note differ from hose
previously submitted, or—and we more than st-eect
this to be the case, from our intimate conviction o. the
duplicity of the French Minister—that it is a v,ilful
misstatement of the former terms put forward in the
hope that he might find the British Cabinet as foolish
or forgetful as he himself is cunning. But something
too much of this low trickery ; let us pursue M. Tillers
through the remainder of his elaborate mystification.
The displacement of Mehemet Ali is the next point
considered, and M. Thiers seeks a new subject of quarrel
with the Porte for this act of undoubted sovereignty,
The rightful exercise of power by the Sultan is objected to
by the French Minister on two grounds—first, because the
--- Pacha " has not given an absolute and peremptory re-
, _
SU N.—Tne Funds have been fusal on everyone of the points" contained in the treaty
buoed up to-day by of July ; and. secondly, because no reference was
the la7ourable alteration in the accounts
e. the disposition of the from Paris, re- made by the Sultan to his Allies. preparatory to the
epeehog French Cabinet. For adoption of the measure in question. Here we have
iminedi.t.te delivery Consols rose from
to, at Si; ; and for the Account from 881 to 873, clog- snore misrepresentation. Certain terms were proposed
Bto STle 'eats- to Mehemet Ali ; he was either to accept or refuse
lug off e 8-1- to si Exchequer Bills were rather he- y them in tato. But he does neither. A worthy ally of
at il te,
at 2s. to 45. premium, and India Bonds at 17s to I:3s. M. 'niers, he Iris recourse to trickery and evasion,
diacount. Bank Stock brought only 1641 to 1.
04. being and seeks at once to retain the possession of his
influenced by an apprehended decrease in the business of usurped,bi power, and ward' off the consequences of his
tile Corporation. The New I:hree-and-a-Half
In the honest and equitable construction
Cents. were marked 96-',L to 9,5.4. and the Reducedlr rot.. tehteinln'reaty, not to accept the conditions offered to
'Three-Half per Cents. 95 to 2f., bins is to reject them ; and haviug rejected them he
which wag his Sovereign.
In the Foreign Market the chief business to day was , declares himself . .
wonajac o,
.a 1 tsubject in arms against
the adju strnent of the half-monthly account,
ciT.:eted with tolerable ease, the speculative operations to pronounce againsth What rerna.nis but for the Sovereign
e.e,subject the pains and penalties
entered into during the last fortnight, heving been com- of treason ? It i
Parativesy Limited. Spanish Active Bonds advanced should feel some
yse,arpnirnaps,. natural that M. l'nias
j and he disposed to view treason as a venial offence ;
. ngs of sympathy in such a case,
front 2,1- to _)and 04-. and the Deterred from 10!-,-
summit of civilisation. Aa to the
to itai. ; Portueuese New'
'rive. per Cents. improved f: oar (but the Porte has not evidently ‘"
Lraly arrived at the carne
:11-t - - •
had no more right to lilted'. •
ge'd. 82 to 824 to i 4- ; anti the 'Tree per Cents. Allied Powers, they
I •
:s' reditsnmtishsealm
thethey
.would holatfvteerAt—lo.creiriiri:n:iii,itinirisdy.
not so
Lmoburiesh reason—p
2r.-27.1t:1;_ to 2,,1 ;I.! Colombian. Five nor Cents., rallie:l. t.ol
i3.)nas
re
tteado:-,t,.mexila!? Five per Cents. to 26;} ; Brazil not
from
in;in. rryh t cielitiovrneobneennioscilteirsaatidon would, one should
with the aboer,atiu• of
4, t. 74.,
to _ 1 to i2t and 733 ; Danish Bonds eeere ,
.:42,1.71filaif4P3ir tcßussian- at 109;1- ; and Dutch Tv:-0- I
,A
•
49i and 50, eats. at an improvement from -.1878- to' have "a'n• '
, principle and the misstatements of fact which We have'l ,'
But M. 'fnlers is • •
Th 1 Railway share insatiate. Having '
could i t most instances of were very little dealt in, end 1 a.:seady noticecl.
(s only find purchasers, at a r2d,ut• ingenue when
of Europe by
tiou in value. The
was 13i to 1 . 2,
and quotation far the Great Westtra i his vievves of what is inte, tit e the integrity of the
for the1 eircady made himself. the i- (.1-
Ottoman Empire is spoken of, he recurs to the subject
New, 4i to .1-.1. preterits:Le f

CHRONICLE.—In consequence of the resolution
of the Bank of England to refuse to discount bills of
exchange having more than sixty-five days to run, the
London Joint-stock Banks have resolved to charge 6
per cent. on all discounts and overdrawn accounts ;
anti the private bankers, it is said, are not to discount
pacer having more than throe months' currency—the
rates being 6 per cent. Had it not been for the "screw"
Dee, applied to the currency, and the anticipation of its
effects in the country, where the pressure will be mo.A
severely felt, the Eagiish funds, in consequence of the
new pacific phase assumed by the Eastern question,
would have exhibited much buoyancy to-day. Objee-
tions In ay perhaps be stated to the course pursued by
the Bank of England, on the ground that it is another
instance of those sudden contradictions of the cut reney
which have been attended with such injurious conk-
(teepees in time past to the trade and commerce of the
country.
It must be admitted, however, on all hands, that some
measure of a etriegent nature by the Bank was neccs-
-s;ary for self-preservation, and that this has been app:;-
rent for some time past. It can scarcely, therefore, be
1.1;rly said that the act of limitation was unexpected,
aLtiou4ll its oi;eration mint be sudden ; and we
that the Directc.ri did not resort to it until they were
convinced that it was incumbent on them as a measure
of prudence, and of requisite precaution. If, by seihog
a parties) of their Long Annuities, by disposal of Secu-
rities aol Mortgages, the currency could have been
suilleiently compressed-, she. end would have been more
grAdu,ily ;,ccomplished by those means ; but there were
i, Hiculti,s attending such a course, which do not i:lter-
fer, with the rem,:dy applied. _ _ _

• - •
Tt,. mysterious rise ‘vhich 1113 taken Alice I,ltely
F:Tirch 14.....!ntv's proves that there werr! 4coa
I‘.r the sospicioa entertain,d thlt tbm
rll7 it tvt.rv, ttl pos,rssiron i f infortuation which bAd hot

-aovpiret'.

and the result is th..lt the i,uproverni.mt i;1

tLe Frer;;ll prices, coupled with the publication of the
nJtc of M. Tni,::rs, which is generally looked upon a 3
pr:seating the opporuaiiy for a sutisactory arr.:lnge-
;nen!: with this country of existing differences, 'nave :cd
to a renewed ice!ing of confidence in the city, an] pro-
Onecd a touch better tone than has been exhibiLcd for
some titne past.

HERALD.—Tae private lelters from Riris to-d.ty
are not sanguine in the sense of peace, and leildio..4
~,ieculator, are nat (ii.i7ose,l to believe th.t pres,at
vices of the fund there will be maintained.
la•nous memorandum of M. Triers was not regarded
with the ',UDC favour on tie Bourse as here on toe
Stock Exchange and by the press and people generally.
It was characterised as " empty asd falla,:iou3." One
of these letters Irons a quarter which on most oeca-
slow has been proved to be extremely well-inlormed, and
the writer of which moreover evidently is a sag.,
coos person, as he is known to be of i,,-
spectable connections, both in Paris and lu •
contains the following statement, which is roue

for as being derived from an of soon,
on this side the channel. It refers clearly
to the important " note " of M. Thiess to M.
Guizot, viatica caused a considerable sensation in the
city, and to which from its apparently peaceful tenour
the improved prices of the funds was universally attri-
hated in the Stock house. As nearly as possible the
sense and the words run thus—" In the conference he-
teveen M. Guizot and Lord Palmerston on Sunday or
:Monday lay, when the former read the note in ques:ian
to his Lordship, and came to the point about the de-,
eheanee (sentence of excommunication) of Mehemet Ali
by the Porte, in which it was assumed that England ea
wall as Austria and Russia, was opposed to that Inca-
Sure as too extreme, Lord Palmerston stopped him at
once, observing, ' Your Excellency has gone far
enough already ; I can by no means yield my assent
to such an understanding ; and if Lord Granville has
stated so much, he has exceeded his instructions, and
we shall disavow him." This, it will at once be seen,
is a most material variation from the general accepta-
tion of the probable peaceful results as well as tendency
that document. The persistence of the Foreign Se-
cretary in the contemplated deposition of Mehemet
Ali, which was supposed to be the mad freak of that
weak and headstrong personage Lord Ponsonby alone,
but would now seem to have been the handy work and
according to the orders of his superior at home, must
tend to complicate the difficulties of the Eastern Ques-
tion still more, and most assuredly will serve to increase
the exasperation of the French people, already too ex-
cited. It is well known that both Russia and Austria
are opposed'to this act of the Porte, so ill-advised by
the British Ambassador at Constantinople—and with
respect to Austria especially, which would seem the
snore doubtful case, the fact may be relied upon.

POST.—The Courier and Inquirer, a leading news
paper of New York, contains some sensible re-
marks on the question at issue between France and
England as it stood upon the departure of the Great
Western steamer from Bristol on the 12th ult. It
was considered that the political position of Europe was
certainly imminent, yet among the reasoning class of
Americans no probability was felt to exist of peace
being disturbed. Those who came to a different con-
clusion were thought not to have given sufficient
weight to the important interests which had grown up
during a long interval of tranquillity, and who
seeing the injury that would arise to them from a
collision, would, of course, exert their utmost in-
fluence to prevent such an alternative. It is added,
that " the dictates of interest and prudence will
overpower the impulses of national pride, or the empty
pursuit of military renown," and that " some plau-
sible means will be found of reconciling differ-
ences." Full confidence is expressed in the discretion
of his Majesty Louis Philippe, and the only apprehen-
sion entertained of serious troubles proceeded from the
tumultuous meetings of the Paris operatives. Of the way
in which this evil would be naet, if strong measures should
"become requisite, it is remarked, " We have no idea that
Yo gain a momentary respite from popular excesses, he
(Louis Philippe) would involve himself in a continental
we!. Where would it end ? The Egyptian question can
only, as between England and France, be settled on the
ocean, and, notwithstanding the present highly improved
State of the French navy, we do not think this is the
clement on which France can hope to establish su-
Ter:ority."

Toe'American writer from whom we quote (we br-.
ii,eve it is Colonel Webb) has measured the course of
ev ruts, so far as they have been developed up to the
,)resent time, with a degree of accuracy that does credit
to his discernment.