The Sun.
London, England, 1840-01-10 00:00:00

MONEY MARKET and CITY NEWS.

(THURSDAY EVENING.)
TIMES.—Tbe Bank Directors have given no notice
to-day relative to the rate of discount, and appear,
therefore, to be pursuing the prudential course in this
matter. They are clearly not safe from the conse-
quences of any new speculations in the Money Market,
so long as the exchanges remain in their present state.
The great glut of gold which the late exportations from
this country have produced on the Continent is net
alone a reliance for its return, though it is materially
assisting, and causes bullion to be transmitted without,
commercially speaking, any profit. Some movement in
advance of the exchanges scorns to be generally looked
for in the course of the next two or three foreign posts.
In the Cansol-market the prices te-day were not
quite so firm as yesterday, and some considerable sales
were made.
According to the advices from Cabul to the end of
• :._

October, a part of the army, which was commencing its
return, had not only received orders to halt, but to
move onward in the opposite directions and the remain-
der of the forces received orders to remain where they
were for an indefinite period. The cause of this sudden
change in affairs rose out of the movements of Dust
Mahomed, who, after making his escape after the cap-
ture of Gliiznee, had proceeded to the other side of the
Hindoo Koosh, where he had contracted affiances of
marriage with the rulers of Koondooz and Khoolum,
by whose aid and the influence he was otherwise
acquiring in Turkistan it was discovered that
he contemplated a re-entry and re-establishment
of his authority in Cabul. It was reported that
his son, Akbur Khan, had actually reached Gho-
reebund, a mountain pass, about sixty miles from
Cabul, where he had raised a rebellion, a task not diffi-
cult to accomplish, as the sway of Shah Soojah was so
unpopular there that the .agents sent by him to collect
the taxes .were all murdered by the people. Dr. Lord
had commenced his journey on a mission to Koondooz,
to reconcile matters between the chiefs of that territory
and Shah Soojah ; but on the receipt of intelligence of
Dost Mabomcd's movements, he retraced -his steps.
Upon his report a body of troops was immediately
despatched to reinforce the corps which had before
advanced ; the whole then to push forward to
Khoolum. Some curious quotations are given to
show the excessive dearness of provisions, and what
may be called camp equipage, of which take the
'following examples :—For 1,000 Manilla cheroots
the price was 1,042 rupees ; for three bottles of
French brandy 73 ; for three half-bottles of mus-
tard 60 ; for two bottles of cherry brandy 42 ; for two
bottles of sauce 49 ; for two wine glasses 16 rupees,
which in sterling money valued about 2s. each. From
Burmah the accounts represent some uneasiness on the
part of the Government, arising out of reports that the
heir of the last Sovereign, supposed to have been mur-
dered, was still alive, and that it was the intention of the
Indian Government to depose Tharawaddi, and replace
the Sovereign he had deposed on the throne.
It was stated that 12 persons from the United States
engaged by the Court of 'Directors were on their way
to India for the purpose of assisting to improve the cul-
tivation and the cleaning of cotton. An expectation
had prevailed, strengthened by the omission of- the
regular notices at the usual period, that the Govern-
ment opium sales were to be discontinued ; but, to the
general disappointment, the notices had at length made
their appearance, fixing the present year's sales, Five
several sales are thus announced, from January to June
inclusive, the amount to be brought forward in the
whole of the two agencies of Behar and Benares being
18,932 chests. The Government, it was supposed,
could not resist the temptation of the high prices
ruling both at Calcutta and in China. The upset
price was 400 rupees par chest, and the conditions of
sale to the highest bidder beyond were that the " opium
will be sold for exportation by sea only, and no certifi-
cate will be granted except to cover such export."

• POST.—The English Funds were under some de:
pression to-day. Consols left off at 924, to for the open
ing on the 16th inst. The less favourable state of the
market seems to have been caused principally by the
circumstance that the majority of specul LOTS at the
Stock Exchange had allowed themselves to anticipate
the result of this day's proceedings at the Bank of
England, and this most erroneously, the general idea
being that the Directors had come to the resolution
of lowering their rate of discount. Whether or not
there was any foundation at all for such an anti-
cipation we are unable to say. Probably not.
The Board, at all events, broke up without in any
way changing the mes.sures now in operation for
the regulation of the currency. A large sale of
Consols, we believe the amount to have been 100,0001.
was effected in the course of the morning by an in-
fluential party who are in the habit of transacting the
Stock Exchange business of a wealthy banking firm in
connection with India. The supply of stock generall.
was rather abundant. The disappointment of tin
" Bulls" at the continuance by the Bank of their present
rate of interest at 6 per cent. roust have been very
great, so confidently as they had calculated on a reduc-
tion from that limit to 5:1-, if not 5, per cent. per annum.
Exchequer Bills commanded the higher price of Bs. to
l Os. premium.

HERALD.--It appears by the advices from Born
bay that the Government despatches to Capt. Elliot
instead of being forwarded from Aden by the Ariel
direct to China, were taken on, in mistake, by the
steamer to Bombay, whence they were forwarded to
him in the Mow clipper ; but nothing had transpired
Bombay respecting any despatches being received by the
admiral on the station. Some curiosity, however, was
excited by the statement that Admiral Maitland was
going to sea, in the Wellesley, for his health, as a t
Bombay it was thought to be merely a plea of sickness.
At Bombay the vacillatinc, conduct of Captain Elliot
was very much animadvertdupon, and, indeed, through-
out the Presidency there was a strong feeling against the
policy which had been adopted towards the Chinese.
Trade was very bad in Bombay up to the 27th of
November, and extensive shipments were making to this
country for the purpose of raising money.
At Calcutta, according to the commercial advices
which reach to the 18th of November last, commerce
was generally dull. Respecting the Government opium
sates in Calcutta, the Calcutta Courier of the 9th of
November states, that they anticipated they would have
been discontinued altogether. Encouraged, says that
paper, by the rise of prices which had taken place -it:
that city and in China, Government have put forth
their advertisement for the regular sales during the
year 1840, when the following quantity will be put up
and sold to the highest bidder at the upset price of 400
rupees per chest, and, moreover, the conditions deel4re
" that the opium will be sold for exportation by sea only.'
Behar agency. Beror a agency.
Chests. Chests.
. January 6th 4,000 2,000
February 10th
April 21st 2,500 2,000
May 26th
June 30th

• Total 11,365 7,567
Very little bad been done in Indigo, but very fee,
parcels of new Indigo had arrived, and the market wau
not expected to open until the first week in December
Manufacturing had ceased in all the districts, and it wa
expected that the crop would not exceed 89,709 factor:
maunds.
The exports of indigo from Calcutta, from the Is
November, 1838, to the 4th of November, 1839, were a
follows :
To Great Britain factory maunds 50,505
France, &,7 ditto 27,815
North America
Bombay and the Gulf ditto 7.003

Total factory maund3... 90,632
Exchange on London was—on 13ank Kits, 25. a
2s. oid. per Company's rupees ; Treasury Bills were 2i.
per rupee ; Private Bills, 2s. a 2s. lid. per rupee.
During the early part of the morning there was con-
siderable activity in the English Stocks, but some lark
sales of Consols and the heavier annuities having been ef-
fected, threw a great damp over the market, and of
course caused some uneasiness with a few of the largest
holders of stock, as money was not in demand in the
Discount Market.
The disastrous accounts from China, are, howevcr,
considered to be the principal cause which induced the
sales we have referred to.

SUN.—Our private advice! from Calcutta state that
the Governor-General of India was preparing for a war
with the Nepautese. His Excellency's intentions in
this respect, it is said, must be delayed, in consequence
of the state of affairs at Cahoot requiring a large force
to remain there than had been first contemplated. The
retrograde movement of that part of the forces which
it was supposed would not.be wanted, had been coun-
termanded.
The intelligence from China has produced quite a
ferment in the tea trade. Of about 12,000 packages
which passed the sales lately, only 1,200 to 1,200 were
sold, the rest being taken in by the merchants for
higher rates. Prices are up 7d. per lb. on yesterday's
rates. Twankays are worth 3s. per lb. in band. China
Rhubarb is up 20 to 25 per cent.; and other articles,
the produce of that country, in proportion.
The President's Message has not up to this hour
been received in the City, though we havo.had reparts
of the arrival of the Liverpool steamer off Liverpwl
since the middle of the day.
• The Money Market was only partially influenced by
the news from Canton, notwithstanding the sale of
about 100,0001. Consols elsewhere adverted to. The last
price of Consols for Account was 92a_ ;1,-, and for Fe-
bruary 92i Exchequer Bills closed at 108. pram ,
and India Bonds at Is. discount. Bank Stock has
rallied to 1751.
In the Foreign Stocks the amount of business done
this afternoon was pretty considerable. Spanish rose to
; Colombian to : and Dutch Two-and-a-
-241 ; Portuguese receded to 36k ; Mexican from 311
to 30i-
Half per Cents to 54.-.
Most of the railway shares were a trifle lower. The
i-13ir.-ningbam and Derby fell to 20 discount; Great
I Western to 1 prem. ; and Brighton to 111 ;1 discount.