The Sun.
London, England, 1824-06-02 00:00:00

vanced very favourably, and that the arrival
of the remaining Commissioner from Portugal
was only awaited for the final ratification of a
Treaty of Amity between those two countries.
It was also rumoured that the capitalist above
alluded to had negociated a loan to the latter
Government. The South American securities
were still further depressed yesterday forenoon,
Colombian Scrip having been at 5 per cent. dis-
count, and Mexican at 31; they afterwards im-
proved, and the last price for the former was 34
discount, and for the latter 2.1 discount. In the
other Funds the alterations were not so import-
ant. Portuguese Bonds advanced one per cent.

[BRITISH PRESS.]
The political state of South America occupies,
just now, the anxious and almost exclusive atten-
tion of our merchants. The trade of Great Bri-
tain, with this vast Continent, has risen to a mag-
nitude too serious to be trifled with. A few
years since our exports to South America were
nothing; the jealous monopoly of Old Spain
threw a cordon of exclusion from those shores ;
at present they amount to millions, the whole,
with very little exception, composed of the ma-
nufactures of these countries, affording a vast and
rising mart for all our domestic industry. With
concerns of such importance with the New
World, it is not surprising that the present poli-
tical situation of these great countries should ar-
rest the anxious attention of those who have pro-
perty to an immense amount committed on their
shores. The Spanish Cabinet, by some means, has
recently obtained money from France, avowedly
on Guebhard's loan,but probably had by the secret
connivance of the French Government. An ex-
pedition, to consist of 30,000 men, is now said to
be preparing by Spain against South America,
and France and Russia are stated to have given
it their unhesitating sanction. An armament so
vast would shake to its foundations the inde-
pendence of any province, where its bands were
landed. The civil discord and fury that so long
desolated these provinces would be renewed
in their worst horrors, and the destruction
of British commerce must be the certain re-
sult. Millions of British money, committed
in loans, would also await the struggle. Co-
lombia, Mexico, Peru, and Chili, have all
borrowed largely in turn ; a war in the New
World, involving its independence, would render
these securities almost valueless, and entail ruin
on thousands. Under such circumstances, the
straight-forward policy of our Cabinet would be
to acknowledge the independence of Spanish
America at once ; and to this decisive measure,
our Foreign Minister, we believe, strongly in-
clines. Mr. Canning has already declared, that
any expedition from a Spanish port, while France
holds military possession of that- country, would
be considered as the armament of the latter
power. Spain is now too disorganized and
feeble to act of herself ; she has neither
troops nor money to do so ; any levy through-
out her provinces will be raised amid. French
bayonets, and the resources to float the expedi-
tion must all coin° from France. Rumours were
current in the city yesterday, proceeding from
ad vices from Mexico to the 27th of January, that
the British Commissioners were on their return
to this country. Mr. Ward, it is known, left
Mexico about that period, to make his report on
the state of that country to Government, but Mr.
Lionel Harvey, the Chief Commissioner, re-
mained, and had, when the last, accounts, to the
13th of March, left Mexico, taken a house for a
twelvemonth. The reports that have agitated
the city for the last two days, are, we are assured,
wholly unfounded, and that Government has not
received, either from Mexico or from any
other part of South America, any unfavourable
intelligence whatever. While the independence
of those countries remains unacknowledged, and
the capital of our merchants is so largely involved,
agitating rumours will constantly' find their way
across the Atlantic, and produce doubt and de-
pression here. It is confidently expected that
Mr. Canning, before the present Session closes,
will come down with an important communica-
tion to Parliament on this question. What its
purport may be we cannot now attempt to anti-
cipate, but we should hope it will be the recog-
nition of the independence of South America,
and that the acknowledgment will be pronounced
before a Spanish soldier is embarked for those
shores. --tormi,