The Sun.
London, England, 1841-06-26 00:00:00

while in its foreign policy it has won universal admira-
tion. The City election will soon speak the sentiments
of the Metropolis, and the Ultras may be assured that
the merchants of London will think twice before they
allow themselves to be associated with the more senseless
persons in the community in the support of impracticable
monopolies. No one has more reason to hope for the
failure of the Tories in this election than their ill-used
chief, Sir Robert Peel.
COURlER.—lndependently of the confusion reigning
in every department of the Home Administration, where
all public business may be said to be brought to a dead
lock, not less signal and chaotic is the confusion in our
foreign and colonial affairs. For ten years last past, the
erratic genius presiding at the Foreign-office has been
actively at work, confounding the order of things existing
without re-establishing any other order ; intriguing here
and warring there ; anon sending armies to be slaugh-
tered and routed under Evans on the very theatre of
Wellington's glories ; now reaping a few stray, however
splendid, triumphs at Acre or Sidon, through the in-
domitable valour of British seamen, commanded by the
veteran Stopford, or led on by Napier, but barren of all
other substantial fruit beyond the laurels achieved by
their heroism ; then ingloriously wasting time and trea-
sure off the coasts of China, exposing brave troops to
the destructive miasma of Chusan, scarcely sacked before
abandoned, disgracefully withdrawing men-of-war from
the Yellow Sea where an honourable peace might have
been exacted, and endeavouring afterwards to retrieve
a hundred follies and disasters by the storm of a few
mud forts at the Bogue, or an onslaught upon some
miserable mandarin and war junks, the defences of the
river of Canton. Such are some of the doings and
wanderings of the evil genius of foreign affairs, which
mocked us with the cry of non-intervention whore all
has been mischievous interference, and which leaves, or
soon will leave, all the vast countries traversed and
hovered over by its baleful opinions, each and impartially,
in prey to the ravages of external war, or the not less
sanguinary horrors or disorganising furies of civil
war and internal discord. Lord Palmerston, on
his advent to , power, found peace every where, as
now he leaves war ; he found revolution and anarchy
only in France, he extended and fostered it in Belgium,
Portugal, and Spain, where, so far as the two latter
realms, it may be seen yet pursuing its wild career.
The Turco-Egyptian quarrel remains still unarranged,
and all the elements of original strife as rife as ever,
despite their compulsory subjugation into temporary
quiescence by the overwhelming prowess of British
arms. Affghanistan, where a British bayonet had never
glistened in the sun till his day, and ought never to have
appeared, is once invaded and conquered, only to re-
assert independence and show itself unconquerable.
Whilst China, pacific China that was, and that might
have been with less intriguing and indolent diplomacy,
is there a memorable monument of Foreign-office im-
becility and rashness by turns, and of the blundering
vacillation and never-relaxing cupidity of the Elliots.
STANDARD.—Before touching the main question,
there is a point upon which it may be well to remark—
Why is it that the price of foreign corn has been made
excessive by the Corn-laws !We have been all along
told that the effect of the Corn-laws would be to raise
prices on the Continent, and that, instead of being made
excessive, prices are depressed by the existing state
of British commerce. The primary consideration is,
however, this—would not a repeal of the Corn-laws
cause more in value of corn to be imported than
could be paid for in manufactures, so as to occasion
a steady drain outward of money, until the capital
of this country should be exhausted, or at least brought
down to the level of Continental poverty ? We maintain
the affirmative, and we maintain it upon the evidence of
uniform experience. Every commercial and manufactur-
turing country that relied for food upon strangers, Venice,
Genoa, Holland, each in its turn the richest of States,
have sunk into poverty from this single cause. Our own
recent experience proves the same thing, and so it must
always be. A million of men, including poor with rich,
consume five times as much value in food as they con-
sume in manufactures of every kind—ten times as much
as they can consume of any manufactures not made upon
the spot. Well, you have a million of agriculturists ex-
changing their produce for the produce of a million of
manufactures ; does it not follow that the manufacturers
have a vast deficiency in value to supply with money?
Thus, in whatever degree it may be pursued, the
importation of food must be always a losing trade, a trade
by which capital is permanently alienated. Rut, say the
profound political economists, trade must move in a circle.
Yes, until the circular movement stops, as stop it will
when the moving power, the superior weight of capital,
shall have been removed. You see trade move in a circle
just as you see the mill go round while the reservoir af-
fords a supply of water ; but break down the banks of
the reservoir, and cut off its sources of supply, and
you will have to sell your mills for old materials, as
so many mills at Macclesfield and elsewhere were sold,
upon Mr. Huskisson's first application of your free trade
theory. It is the agriculture of your country which
supplies the springs of the great reservoir ; they are the
Corn-laws which secure it embankments. Money, like
water, will find its level, except artificial means are em-
ployed to restrain it : it will go where it is most wanted,
if you oppose no political check. We hear, again, a
great deal of the increased consumption of British
manufactures that would instantly follow a repeal of the
Corn-laws ; we doubt not that a great export would fol-
low, because the overtraders would take advantage of any
delusion abroad or at home to unload their warehouses.
But who abroad would be the permanent consumers ?
The people—the people enriched by the money paid
for corn ? We deny it. The people of any country,
as we have shown, never consume foreign goods
to any extent worth notice ; and the people would
not be one farthing the richer for all the money paid for
corn. The landowners of Germany and Poland give proof
in their present social system that they understand as, well
as the millowners of Manchester and Leeds, how to keep
the people from any share of their receipts; the landowners
would accumulate the money, they would lend it to spe-
culators, and those speculators would employ it in
establishing manufactories. What else could they do
with it? The choice then is this—are we to send the
capital of this country abroad in a regular and steady
stream, in order that it may ruin our manufactures by
rivalry, or are we to reserve it for the erection of towns,
in our deserts and colonies, to supply consumers for
these manufacturers?

MONEY MARKET and CITY NEWS.
FROM THE MORNING PAPERS OF YESTERDAY.
TIDIES.—The adjourned meeting of the British Iron Corn-
pany, which took place to-day, seems to have led to no more
satisfactory result than the one that preceded it, but the time
was consumed in violent discussion between the two parties
into which the greater number of proprietors appear to be
divided. The affair, according to its present aspect, does net
at all seem to tend towards a settlement ; and if we may judge
from hints thrown out in the course of the proceedings by some
of the dissentients, another period of litigation is probably
near at hand.
The Oriental Steam Navigation Company is carrying into
effect some improvements in the communication with the Le-
vant, Egypt, and India, which are the result of a mission to
the East of one of the Directors, for the purpose of obtaining
information. By the improved arrangements, it seems the
line of steam communication to Alexandria is to be ever3a,
15 days, instead of once a month, while the means of transit
through Egypt are to be further extended. Besides the iron
steamer " Lotus," which is now plying on the Nile to convey
passengers between Atfe and Cairo, and a large iron track-boat
which has been placed in the Mahmoudie Canal, and conveys
the passengers between Alexandria and Ade, a double route
is to be established through Egypt for passengers to and from
India. On the Nile two steamers are to ply, one to be sta-
tioned at Boulac (the port of Cairo) and one at Ade, where
the Mahmoudie Canal joins the Nile. The steamer at Boulac
is to be in readiness to convey thepassengers coming from India
down the Nile, and the one at Atfe to convey those for India
up the Nile. The latter, after landing the passengers at Bou-
lac, and remaining a day or two for the convenience of
travellers, is to proceed up the Nile as far as Thebes,
halting at the principal places. A regular conveyance is tube
established between Thebes and Cosseir on the Red Sea, as
well as between Cairo and Suez. The distance between Cos-
seir and Ghenneb, on the Nile, near Thebes, is about 100
miles, and that between Suez and Cairo 84 miles. The steamers
running between Suez and India are to touch regularly, both
on their passage to and from India, at Cosseir, for the purpose
of landing such passengers as may prefer a route home by
Upper Egypt, or to embark those who are ready to proceed
forward to India. A plan for passing travellers through
Egypt during the plague is included in the new arrangements.
The improvements in the Levant communication are to be
most important. Every 15 days a line of large steamers
are to start from Malta for Athens, Smyrna, the Dardanelles,
Constantinople, Sinope, Samsoun, and Tribisond, returning to
Malta by the same route, the days of departure from and
arrival at Malta being so arranged as to coincide with those of
the vessels on the main line between England and Alexandria.
A return has been published by the House of Commons,
giving the revenue and expenditure of Jamaica for 1838 and
1839. In 1838, the revenue was 162,2831. sterling, and the
expenditure 155,1521. sterling ; in 1839, the revenue was
166,5761. 13s. 10d. and the expenditure 109,4231. Os. lid.
The number of slaves, according to the last registration in
1832, amounted to 311 69
POST.—It is said that another infamous fraud connected
with Spanish finances has just been detected. Seeing the
daring villany that had been practised in relation to the " Ac-
tive Debt," or the thing
and Treasury bonds m s°miscalled,
the holders of the In-
demnityust have been in constant ap-
prehension lest some rig at theexpense should be also tried.
Certain " mixed operations"
time, the Spaniards obtaining, have taken
place from time to
under special private arrange-
ments with different capitalists, loans for short periods, part in
the shape of Treasury bonds, and the remainder in cash
and we have always thought it hiprobable, as no
dividends are paid on any portion tfh highly
ythe
debt of Spain, that the Treasury paper
public
paper so with-
drawn would not be cancelled as it oughturY to be, but re-
issued at any price it would fetch. The Indemnity
and Trea-
sury bondholders have fancied that, in the everitof a
factconsider-
able multiplication multiplicatien of either of the two securities, thewould
become apparent by the increased dealings in it ; forhitherto
the bonds have been in few hands and are rarely quoted.
wtt
what do we now hear? Treasury bonds were, it is well known,
created to cover the whole of the dividend on the Active Stock,
due November Ist, 1836 (600,0001. sterling) and although
only about one-half the amount was appropriated to this pur-
pose ; the immense residue is, we understand, nowhere to be
found, the Spanish Government affecting to know nothing at
all about the matter. The exchange of the coupons in London
was confided to Mr. Isaac Lyon Goldsmid. We have considered
that gentleman very lukewarm in the cause 4f the par-
ties exchanging, and the purchasers of the Treasury bonds,
for his name is identified with the transaction, and it has ap
peared to us to be indispensable to the maintenance of his own
dignity as a man moving in the higher circles of the financial
world, to procure justice for them. We have, however, not
the slightest suspicion that he is in any way privy to the scan-
dalous business to which we have alluded, assuming that there
is some foundation for what we have heard on the subject. It
is intimated indeed, that the commissioners charged with the
Paris conversions are more likely to be in the secret. Those
of the Treasury bondholders who have obtained a hint
of what is passing are sending to their bankers to
ascertain which of their bonds bear the signature
of Count Campuzano, acting at Paris, and which have
the names of Count d' Aguilar and Mr. Goldsmid, as the Lon-
don Ambassador and agent, attached to them ; but we pre-
sume the Spanish Government must be equally liable for the
one and for the other, as they will both have the quadruple
guarantee of Queen, Cortes, Mendizabal (as Minister), and the
London Embassy. It will, in the meanwhile, be satisfactory
to the parties to have Mr. Goldsmid's attestation of the genu-
ineness of bonds brought to him for inspection, and this, we
dare say lie will give without liesitatiou. Lie is understood