The Sun.
London, England, 1840-09-02 00:00:00

EVKNI.NG EDITION.

MONLY MARKET and CITY NEWS

(TUESDAY EVENING).
rjHRONICLE.—We by no means say that there
Rae no parties of influence, and posses,ing access to
good information, who were not taken aback by the re-
ply of the Pasha, because there are such persons in
the City who have pertinaciously clung to the belief
:that Mehemet would " give in when it came to the
push," and may still believe that he will yet yield be-
fore the blockade is commenced, or at ail events that
he will then come to terms with the Four Powers on
the best conditions which he can obtain. Opinion in
the City is by no means unanimous, however, in that
view of the question. The point on which there is no
.diversity of opinion, we believe, among commercial men,
is in a fixed desire to have no war with France, but there
is no small difference of sentiment as to the probable
future policy of Mehemet Ali and his son.
Much as all parties may be agreed upon the importance
of preserving the integrity of the Ottoman empire, there
is a deep feeling of jealousy entertained against, the
employment of a Russian force to preserve the Sultan
ficm the power of Ibrahim, and many people cannot
reconcile themselves to that part of the treaty of the
Four Powers which necessarily would employ Russian
:troops to occupy Constantinople to shield it from the
victor of Nezib. It is thought, too, that Russia has no
particular dislike to the possibility of being engaged in
such a friendly piece of service to the tottering throne
of the Sultan ; but if it be allowed that the empire
of Turkey is to be maintained in its integral
-position, the difficult problem for solution to be
asked of those who labour under the fear of Russia,
is—in what other way could Turkey be protected
from immediate dismemberment? It Ibrahim were
aN( wed to retain Syria, Turkey is cut in two ; and
if the treaty bad not been executed, Russia would
„seem have found occasion to step in single-handed to
-rcmove him, and to do that of her own accord, and in
her own way, which she can only now do according- to
the provisions of the treaty, and in a way perfectly
egreeable to the views of the other European powers
vie:o are parties to it. If Russia, therefore, should be
put in occupation of Constantinople under the treaty,
she must quit it by the same instrument which placed
her army there, and if she should refuse to yield when
required, Russia would thereby inevitably encounter
the combined hostility of England, Austria, and Prussia.
Considerable anxiety is felt as to the effect which the
refuse.) of the Paella may produce upon the cabinet of
the "iuileries.

POST.— We noticed in our City article of Saturday
-that Count Lara was expected in London from Madrid
on a financial mission, and ventured, at the same time,
to express a hope and confide tee that he was coming for
the purpose of making some arrangement that would
414501-4 relief to the bondhold 'rs. We would further
Teria.ck, in behalf of this unfo-tunate class of persons,
tie; if justice is ever to be dole them, the time would
ar now to have arrived. The repeated breaches of
'fa'th towards foreigners, of which the Spanish Govern-
ment have been guilty, are excused by persons of loose
morals on the ground that the Carlist faction was to be ex-
tinguished at all hazards—even at the expense of national
;honour. Well, the Carlist faction is now effectually ex-
Itine otshed, and it is not, perhaps, too much to assume
rthatalte leading men in Spain are becoming impatient
tto see the character of the nation rescued from the
Icandal that has been brought upon it by the treacher-
oes acts of Mendizabal and others of that stamp, in
coaneetion with the treasury depsrtmcnt. No honest
and 1 onourable Spaniard can be content to see his
coontry nu:de a mere cockpit of by a set of unprin-
reiplcd speculators and gamblers, wherever they may carry
mn their disreputable traffic. The public obligations of
.Sp-ain have been for some time past considered as the
wrist desperate of what are, in Stock Exchange phrase-
ology, called " sporting securities." The very term is
one that must surely wound the pride of every Spaniard
who has a drop of Castilian blood in his veins. The in•
digniitiy cannot but be as gall and wormwood to him ; and
Tv(. er'.a well understand, therefore, the anxiety that must
be :eft by many to purify the Spanish name from the foul
stigma that the financial manoeuvres of her minis-
:tcrs end their agents have cast upon it. General Alava
we know, deeply distressed at what has been going
ign since he was appointed to the London embassy. He
has been fully alive to the complaints of the bona fide
creditors of his nation, and we may be very sure his
Excei:eacy has neglected no opportunity that presented
itself of communicating on the subject with the Mi-
nistr', at Madrid, so that they might be made sensible
of the odium which attached to them, and of the em-
Jr.rrassments to which he is personally exposed, as the
-representative of their Queen. It is on these grounds
alone that we put the construction we do upon the
visit of Count Lara to the British capital. The indem-
nity bonds, to the creation of which the English Govern-
nit at were made a party, require instant attention.
l'iAt claims of the Treasury bondholders, hacked
.11S1 they are by the triple guarantees of the Queen
Regent, the Prime Minister of the day, and the
Certes, are equally pressing ; and as soon as provision
is mede for the payment of these or the dividends
upoi, them, and what other specific interests there may
be to provide for, the bulk of the creditors of Spain
she ut•.l be called together, and a plan submitted to them
for the adjustment of the general claims. The Active
dr of was quoted at the Stock Exchange, on the 23d of
18:3,5, at the price of 721. per cent. If we add
to that quotation the four years' interest now due upon
it, it ghoul(' be worth, to the holder, 92/., whereas the
utmost it will fetch is 261. ; the enormous decline of
66/. per cent. having been caused by a total and blind
neglect of one engagement after another on the
port of the Spanish Government. The terms proposed
14y Mr. Thornton for the settlement of the British
•cslairais on Portugal might serve as an outline for the
guidance of Count Lara. We would suggest that, in
the meanwhile, the farce and masquerade of a mock
drawing of Deferred Stock in the Plaza del Sol, and
47 laking it into Active, the whole being passive and in-
active together, should, in common decency, be forth-
with discontinued. Such an exhibition only creates
disgust. Count Lara is to be reminded that Toreno
pared down the foreign debt to two-thirds of its original
amount in 1834, and that it is quite expected of him
that ne should have come prepared with the most ample
gur,rantees and information, and with a sincere desire to
do

HERALD.—Although in the present disturbed state
of polities among the great powers of Europe Foreign
Stocks attract less attention than home, yet a rather
notable fail occurred in Spanish to-day, the Active
Stock with the May Coupons having fallen to `24i}- to 1,
in consequence, of course, of another commotion
and Ministerial revelujon. As the people at Barcelona
deemed tnems•lves en, iticd to force on the Queen Re-
gent a Cabinet of the r own, those of Valencia consi-
alered themselves at the least equally entitled. And so
they serenaded the poor Queen Regent with the demand
for another change, and her unfortunate Majesty was
obliged to comply. As the matter of who shall be Minister
or who shall be Sovereign is now clearly in the hands of
the different armies ow foot, it will be for the interest
of the bondholders to support that side, with money
arid vessels of war it need be, which shall offer the best
:premium and the choicest security for the satisfaction of
tiieir claims. Some idle apprehensions have been
started that Lord Palmerston might oppose any hostile
demonstrations of the bondholders, but these must be
utterly fallacious, since us he chose to authorise or to
'wink at the enrolment and despatch of forces so cruelly
Lied to slaughter and defeat under Col. Evans, he could
hardly oppose, after having served his own turn, any ex•
ertions or armaments of the bondholders to provide
for their own interests. Affairs in the Spanish
quarter look cruelly bad for the bondholders,
,;altl:ough for loan contractors any event which
Mali depress prices and enable them to buy up bonds
as near the rwe of waste paper as possible—
bonds which they themselves had sold as the best of all
pile securities, and with immense profit, at about
70—cvnuld be hailed by them as the most fortunate of
casualties ; and in fitting and more fortunate seasons
f 0,.. Spain afterwards, they would he more boisterous
about the preservation of good faith with creditors than
h.ey now are found, hut still artfully willing to compro-
znise for the contract of new loans, in which old bonds
should be taken—as now acting by the Portuguese Go-
vet.nnient—at an apparently high price, the contractor,
themselves
gam not by differences of price' between purchase and
ex,.:haiige of old debt against new bonds alone,by but the
ene.rnous profits of loan contracts, commissions, and
°Cher valuable et cetera.

TIMES.—
The Report of the Select
hisd Committee
Banking, which has been published this ,is not on
cal-
culated to answer the expectation whichbeen raised
op the subject. Not having taken the
whole
eevidence which was considered necessary for their of
the
-plete comprehension of the question at issue, they neectru-
c".
sarily forbear from offering to Parliament any ree3m-
mendation for the future regulation of the currency.
All that the report contains of a specific nature refers''
to that celebrated principle of management laid down by
.Mr. I-lorsicy Palmer, in 1832, under which the Bank
retained, except under special circumstances, "an in-
Yestalent in securities bearing interest to the extent of
two-thirds of their liabilities, the remaining one-third
leing held in bullion and coin." The conclusion to
'which the Committee have come on this part of the sub-
ject, after citing the opinions of Mr. Palmer and Mr.
Norman, two of the leading members of the Bank direc-
tion, as to the application of this rule, in which there
are some material differences, .s, that it ought not to
prevent the Directors from adopting cny other prin-
ciple of management which under any chance of circum-
stances may be advisable. To the uninitiated this mat-
ter will not appeaw of any great importance, but it ha;
been remarked upon as uncalled for, and a deviation from
t:: tlik ti Course such a Committee should take, whose
14 Atetarinr, all the evidence, to propose
•
. regulation of the currency, and
1-9
~°-eotkill.e9,oise which a particular establish-
tt""'", ''''"*.Nrigland ought to follow. What
ti, lTAlliPuie.., ibis is '
report perhaps sufficient
6; ciieit,e6.l.ttik4s 1
ea
of a bank. of issue and a bank
(
litrt •k_ occupying so high a poSALOA
-.-,..2:A.::::ii,:
..7
AI a 41,

i cicty.

as that of the Bank of England, are quite incompatible.
The productio❑ of the evidence is looked for with a
great deal of curiosity in the City.
By advices from Hamburgh the price of gold is 426
per mark, which, at the English Mint price of 3/. 178.
101 d. the ounce for standard gold, gives an exchange of
13. 5,4, and the exchange at Hamburgh on London at
short being 13. 41, it follows that gold is 0.59 per cent.
dearer at Hamburgh than in London.
The premium on gold at Paris is 7 per mille, which,
at the English Mint price of 3/. 17s. 104 d. the ounce for
standard gold. gives an exchange of 25. 32 and the
exchange at Paris on London being 2.5. 15, it follows
' that gold is 0.70 per cent. dearer at Paris than in Lon-
' don.

The course of exchange at New York on London is
1071 per cont., and the par of exchange between Eng-
land and America being 109 23 40 per cent., it follows
that the exchange is 2.32 per cent. against England.

SUN.---The foreign exchanges were this afternoon much
the same as on last post day ; that is, we are sorry to state,
still very depressed, and against this country. On Paris
bills were taken at 2:5f. 42ie. to 471, on Hamburgh at
13 8 to 4, on Amsterdam at 12 14 to -1, and on Frank-
fort at 149.

We believe the feeling is pretty general, that the
tenor of our commercial advices from the United States
to-day is more satisfactory than those which came to
hand by the British Queen. Large shipments of flour
are coming forward, both from Canada and America.
The English Stock Market was rather brisk to-day,
but not firm. This afternoon things left off with a
better appearance—Consols at 89i for Money, and 90
buyers for the Account. Reduced Three-and-a-Half
per Cents. rallied to 99k, and the Three per Cents. to
90k. Exchequer Bills remained at 205, premium, and
India Bonds declined to ss. discount.

In the Foreign Market the transactions were very
limited, and prices generally heavy. The news from
Valencia caused a fall in Spanish Bonds, from 25 to
24-g- Portuguese New Five per Cents. were heavy
at 34 to 34k, and the Three per Cents. at 221.
Russian Bonds were per cent. lower, being marked
112-1, without the dividend for the half-year end-
ing to-day. Colombian Bonds were at 24a, and
Dutch Two-and-a-Half per Cents. declined from
52 to 51- 4. Throughout the day there was scarcely
any disposition to speculate.
All the Railway Shares went down a little on the
rates of yesterday, but the sales were very limited.
The reports received in town from most of the
lines in operation in the Northern and leading commer-
cial diAricts of England are very favourable, and there-
fore it must be rather from temporary causes than any
failure of public confidence in them that their value is
at present reduced. Another circumstance, we must
also bear in mind, is, that they were recently forced up
to too high prices. To-day the Great Western brought
23 to 22, the New 8 to 8i ; and the South Western
14i to 15i premium. The Blackwall were at 4to ;
the Eastern Counties at 124 to 124 ; the North Mid-
land at 16, and the South Eastern at 16i discount.
The following are the official returns of the exports of
the precious metals from the port of London, for the
week ending the 27th ult :
Silver bars to Hamburg 12,458 oz.
Ditto coin to ditto
Ditto ditto Rotterdam 36,000

SPIRIT of the PUBLIC JOURNALS.

Fitosl THE MORNING PAPERS OF THIS DAY.
(From the Morning Herald.)
We dread a close alliance with Russia more than a
war with France. Open warfare with any power in
Europe would be less injur;ous to British interests than
the treachery of such a friendship as the Court of St.
Petersburgh proffers to us will eventually be..lf there
were half the national feeling and strong sense in the
people of this country which distinguished them at a time
when they did not pretend to quite so much " intellect"
and " philosophy" as at present, the monstrous
alliance which Lord Palmerston has formed with
Russia touching the affairs of the East would cause a
universal outcry throughout England for the dismissal
and punishment of the Whigs, as the betrayers and
enemies of their country. We do not charge Lord
Palmerston and his colleagues with venal treason. We
do not assent to Mr. C. Attwood's unproved accusa-
tions, that the Russian treaty is the result of a pecu-
niary bargain. We must first see the " documents"
before we believe that ; and, until Mr. Attwood
pleases to produce them be had better be silent, for a
charge of this nature against a Minister of the Crown,
unsubstantiated by any evidence, can deserve no at-
tention, and merit no belief. Nevertheless, it is
certain Lord Palmerston and his colleagues have
betrayed their Sovereign and country in form-
ing an alliance with Russia, which will ef-
fectually place at the disposal of that Power the des-
tinies of the Ottoman empire—unless France chooses
to offer a real opposition to the designs of tho Auto-
crat, which is not at all probable. The alliance which
binds England to assist the project of the destroyer of
Poland in "settling" to his owe satisfaction the affairs
of the East, has indeed ostensibly been entered into
for the purpose of curbing the ambition of Mehemet
Ali, and preserving or wresting the dependencies of
the Ottoman Empire from the grasp of a successful
rebel. The pretended design is plausible enough ; but
England will discover, before very long, that THE AG-
GRANDISEMENT of Russia is more the real object for
which this anti-Egyptian alliance has been contrived,
than the preservation of the integrity of the Turkish
Empire.

(From the Morning Chronicle.)

It is very likely that the news obtained yesterday by
our extraordinary express from Paris will turn out to be
true ; and such tidings from Alexandria may easily have
reached Toulon by the 29th ult. The dates correspond
pretty exactly with those of previous advices ; for, if we
mistake not, Rifat Bey quitted Constantinople on the
ith August, and in the ordinary course would arrive
at Alexandria on about the 12th of August. The
Tartan-, which it seems conveyed the news to
Toulon, is stated to have left Alexandria on the 13th
August. However, ten days were allowed Mehemet
Ali for the consideration of one proposal by the Sultan,
and ten days more for deliberation on another ; the
first relating, we believe, to the hereditary governor-,
ship of Egypt and the life governorship of the pachalic
of Acre, and the second to the hereditary governorship
of Egypt alone. Therefore, if, instead of taking advan-
tage of the time granted, he immediately gave his reply,
it may have reached Toulon by the 29th ultimo. Tak-
ing the fact to be so, and that Mehemet Ali does not
wish for an opportunity of consultation and reflection, his
refusal to comply with the terms offered will
have taken nobody by surprise. It was a
contingency, the possibility of which was all
along contemplated ; and the Four Powers who
signed the treaty of the 13th of July will have been
prepared either for the acquiescence or for the resist-
ance of the Pacha of Egypt. What has occurred (if
indeed it have occurred), was an event foreseen, if not
expected, and he must have been a very shallow and
improvident politician who would not be ready to meet
it. But we must wait for further advices on the sub-
ject, though we own it to be very probable, if Mehemet
Ali have on the instant given a distinct and positive re-
jection to the proposal of his Sovereign, that he will ad-
here to thatrejection through the ten or twenty days which
were to be allowed him subsequent to the arrival of
Rifat Bey at Alexandria.
( From the Times.)
The frequent and dreadful accidents which have
occurred during the spring and summer of the pre,
sent year on various railways, but more especially on
the South Western, on the Hull and Selby, and on the
E,:stern Counties lines, are sufficient to fill the public
mind with the most serious apprehensions. We are
fully sensible to the convenience, in many important
respects. of railway travelling, but it is a real evil
that the great lines of communication should be so
completely monopolised by these companies as to
leave travellers entirely at their mercy. The
effect is already apparent in a very percepti-
ble diminution of caution and concern on their
pa •rt for the safety of passengers. For the first
tew years after this method of conveyance was intro-
duced it was a common boast among its advocates that,
although the formation and maintenance of the roads
were undeniably attended with a considerable sacrifice of
human life, still the proportion of accidents to passengers
was much smaller than by other methods of travelling.
Whether this were true or not, it is certain that within
the last few months the proportion has been frightfully
altered, and it is impossible to attribute this alteration to
any other cause than a relaxation of the vi4ilanee at first
observed in maintaining the roads and engines in a
proper condition, selecting proper engineers, watch-
men, and servants, and providing for the careful dis-
charge of their duty by strict regulations. This would
be the natural effect of a growing (though possibly un-
conscious) sense, in the minds of the directors of these
establishments, of their independence of public opinion
—perhaps we should rather say, of the dependence of
the public, whatever its opinion may be, upon them and
their arrangements. The increase of their business has
s e iccoi
nn
(gi
layd, dbiyt oi
nns
csiencgu
trhi teyma st toofot hr
ce
sitdouble tendency in the same direction—first, by pro-
esuthcceepsos;°v fe
tr
hs
cocf °tnhcee r n rail
and of the engine to the utmost ; the number of trains is
increased ; the distance of
each of theta is diminished ; and the higher degrees of
speed aimed at, that the
Unhappily,
largest
possible amount of bu-
siness may be done. this maximum can
only be ascertained by means of some dreadful catas-
trophe like that which happened near Brentwood f
a ort-
night since ; and even then, unless theproeeedings are
watched by the public with a jealous vigilance, the Di-
rectors easily persuade themselves that the mischief is
owing to some accidental and inexplicable
cause, for
which nobody is to blame ; and so the terrible lesson
is in danger of being lost.

The London Assurance Corporation and the
Royal Exchange Assurance Corporation have generously
given a donation of twenty-five guineas each to the
Shipwrecked Fishermen and Mariners' Benevolent So,

FEMALE FASHIONS FOR SEP