The Sun.
London, England, 1840-09-12 00:00:00

ONL.IMA

IT Y. NEW

(FRIDAY EVENING.)
TIMES.—The remarkable feature in to-day's Money
Market has been an improvement in the prices of the
Railway Shares, in spite of a depression in the oublic
securities, It will be remembered that the great fill in
the Share Market was oeeasicned by the intelligence
of the failures at Manchester. It was soon ascertained
that the extent of those failures had been overrated, and
a consequent change of feeling having taken place, per-
sons are found willing to buy .at the reduced prices,
several orders to purchase having coma up from Liver.
pool. Hence a movement is occasioned which is en-
tirely independent of the political relations of the country.
Consols opened in the morning at a low price, but
showed a disposition to improve, when the expresses
from Paris caused a fall, from which, however, Consols
slightly recovered before the close of business. Tile fall
of the continuation shows that there is still an inclina-
tion to speculate further for the fall.

CHRONICLE.—The Consol Market has wain
relapsed into an unsettled state. Consols for the Ac-
count, which closed at 88, opened this morning at 81
to but some of the Bears showing themselves buyers,
the price advanced to 87i to 4, at which quotation,
however, some large sales were effected, which caused a
gradual decline to 87 sellers. From that point an im-
provement of about 4 per cent took place, the price
advancing to 87-4-, again declined to 87, and finally closed
at 871 to being a fall of about per cent. on the
closing quotations of yesterday. This depression was
caused by a further fall in French Rentes on Wednes-
day. The Paris prices, however, published in this
morning's papers, on being compared with ac-
curate private accounts, proved to be incor-
rect, the fall having been 3 per cent. on Wednesday,
and the real quotations of the French Three per
Cents. on that day for the Account 73 50 instead of
74 50. Notwithstanding the partial improvement in
Consols which took place before the close of business
here, as noticed above, it was understood that those
connected with the French expresses had received in-
telligence of a further fall having taken place in the
French Rentes, besides the decline to which our pre-
ceding remarks bear reference.
The Share Market is much firmer to-day, and an
improvement has taken place in the leading lines.
The prices from the country came better this morning,
and it has been generally believed for the last two or
three days that the reports of the failures in Manches-
ter throwing so large a quantity of shares upon the
market were exaggerated. Instead of the house of
Forth having engagements for 300,0001. or 400,0M0/.,
or anything of that amount, their debts, as we stated
at the first, exclusive of shares, do not exceed
60,0001., if they be so much ; and it is sAid that theit
connection with the Share Market is less extensive than
was represented. At all events, the market here Las
rallied.

The Liverpool and Manchester people are known to •
be largely engaged in railway speculations, and when
any adverse news affects mercantile or manufacturing
houses in those places. an apprehension is immediately
felt here as to the effect upon shares, and a flatness is
thus produced, sometimes, perhaps, without cause, and
generally beyond what the occasion may really warrant.
Private letters from Madrid of the 2d inst. give an
interesting account of the state of that capital which re-
mained in apparent tranquillity, and much credit is given
to the Liberal party for the peaceful manner in which they
have conducted affairs, in effecting the establishment of a
provisional directory. M. Ferrer, who is nominatA the
chief, is represented as a man of the greatest respectability.
and as one who enjoys public esteem. He has been
several times spoken of as Minister of Finance, but
has hitherto uniformly refus.l to accept office. Great
apprehensions, however, prevailed in Madrid that Gen.
Leon or O'Donnel might appear to dissolve the provi-
sional government by force, in order to prepare the way
for the arrival of the Queen Regent. Diego Leon is
one of those fortunate men who have risen rapid;y to mi-

litary rank, and who, for the sake of ingratiating him-
self with those in power, may, it is feared, be induced to
commit some rash act. We learn as a positive fact that
agents have been sent by the Provisional Government
to all the principal towns in Spain, to request their Cor-
porations to support their views ; and should the Queers
Regent persist in the same line of policy, very serious,
results are expected. Under those unfortunate eireuvr,_
stances the value of Spanish Securities could not he ex-
pected to improve at present, even if the affairs of Eu-
rope were in other respects satisfactory.

POST.—The fact that the political state of the
times is pregnant with danger to the peace of Europe
is one which few persons will longer deny or even at-
tempt to conceal from themselves and from others.
The funds accordingly continue to fluctuate violently,
the tendency of the market being decidedly aownwara.
A. failure of considerable magnitude bas occurred les.
the Hebrew connection.
i The party had been specu-
lating for the rise, and s understood to be compro-
mised to the extent of but little short of 400m0u
The event is greatly regretted in the City on account
of the very great respectability and tried integrity of
the individual, who, however, is not a member of the
Stock Exchange. _

The quantity of foreign wheat entered in British
ports for consumption during the last few days is
estimated at about 900,000 quarters. The produce
of this to the growers abroad, at the average net
value of fifty shillings per quarter, including the.
charge for freight, which goes into the pocket of
foreign shipowners, would be two millions and a quar-
ter sterling. The money has, we may suppose, been
for the most part remitted, but whether such be the
case or not, the clearance of so considerable a quantity
of foreign grain at our Cusbm-houses is a matter
worthy of every atteationon the part of the regulator
of the currency, as
.room is thereby made for
the introduction of a like proportion of the present
year's harvest from abroad, and which, if ordered,
would of course speedily have to be paid for in one
shape or another. The English farmer is believed to
have been completely jockeyed by the leading earn
speculators, as it. can have been only through ari exten-
sive cotni,ination of interests that they were enabled
to carry up the price of wheat to the high average
e. has recently attained. AN ith the certainty of an
abundant and excellent harvest at home, it is
considered quite impossible that it could have been ma-
naged by any other means. Probably the issuing banks
in the country have contributed to such a result more
than the public are aware of. The competition which
exists among these concerns has enabled the farmer to
obtain accommodation to an extent that has proved inju-
rious alike to himself and the public Enabled by such
accommodation to hold his stock of wheat for higher
prices, and for almost any length of time, the average
has been unnecessarily run up to a high figure ; taking
advantage of which the speculator clears the whole of Lis
foreign importations at a nominal duty of 2s. Bd. per
quarter, and gluts the market. It may be yeas be-
fore an opportunity is afforded him of playing the same
trick over agsin, and, as we do not think that any
substitute could be found for the present Corn laws that
would, upon the whole, work so well, we should be sorry
to see them disturbed but a more vigilant attention to
the manner of striking the weekly averages seems to be
called for, and there is certainly no good reason why
the public should be made to buy their wheat from
the foreign grower rather than from the English farmer
through the mischievous intervention of banks, the num-
ber of which is become so greatly disproportioned to
the wants of the country. But for the existence of
this evil the year's produce would be promptly brought
to market and sold at fair prices, instead of being left
to deteriorate in our granaries, mato eat itself up with
expenses.

HERALD.—The funds continue on the decline, and
Consols, after falling to 86/ recovered only to 81 for
Money, and 87k to for Account. Exchequer Bills
were 10s. to 12s. premium. The depression was in some
degree attributed to the necessity of soiling out certain
bull accounts, of which, as usual in such cases, advan-
tages were taken by some of those possessed of the se.
cret, which do not seem at all reconcileable with fair and
honourable dealing, although, so far as the Stock Ex-
change and Stock gambling, where a peculiar coda of
morality takes, they may be considered as all in regular
order.

Fore'gn Stocks followed the lead of the home market,
and were all more or less depressed.
Private letters from Paris received to-day refer
to the strong revival of the war fever, owing to the
extraordinary and apparently hasty and unjustifiable
proceedings of Commodore Napier (the former fiery
Admiral of Don Pedro) on the coast of Syria, where,
without waiting for the decision cf Mehemet Ali,
within the two terms of the delay granted him by the
powers who arc parties to the quadruple treaty, he had
,t once commenced hostilities by summoning the
fEen3
bardroent ; and likewise in the Pedroite sty 1).
tiatl commander to surrender Beyrout, on paidic'ail been
Paella
endeavouring to insurrectionise Syria against
the
rovo
by incendiary pinclarnatione—all without
be frightened by th,_!se Bobadil doings of thebeen.o 79
iand Sent
tion. The Egyptian commanders however7‘ov3e,.:lPtenuntetli:
however the Portuguese might have
and they
him word that he might begin
at
tt pleasureesure.
As to the
Syrians not a man had stirred,
all this is sad and sorry
war with contempt. Really
would find him cause to repreeidit
v.: beyond that of irritating
effects no object .
work, and
which before was gradually
'but' treatedi
the paper
the breach with Francedthe renewed apprehensions of
healing. So much
time to 69f. 90c., although at
oßourse that the Three per Gouts.
were driven down
the
porch sex of a leading. capitillist
the close througl;
back so far as 73. In fact, hew-
they were broug it
war affected the
susceptible was the market that operations to
ever so suscep partties,
the extent of 12,000 francs of Rentes were hardly
practicable, or ‘ ,
in course of being effected would
violently agitate prices several per-centages. 'Ns itD•
possibility of making large and gainful speculations for
the fall may perhaps influence certain statesmae to tip
the other tack and labour lustily for peace as the basis
for a rise in the Funds.
The Great We tern steam-ship leaves Bristol till's
day for the United StateF, and the intell;gettee eh*