The Sun.
London, England, 1841-12-07 00:00:00

MONEY MARKET and CITY NEWS

FRO3I TUE MORNING PAPERS OF THIS DAY.
TIMES.—The . following official letter was
written in answer to an application respecting
the distribution of the money obtained through
Captain Elliot'
s arrangements with Canton :

"—Foreign-office, Dec. 2, 184

" Gentlemen—With reference to your letter of the Ist
of November, requesting information as to the intentions
of her Majesty's Government with respect to the distri-
bution of the money obtained from the Chinese authori-
ties at Canton under the arrangements entered into by
Captain Elliot with those authorities on the 27th of May
last, I am directed by the Earl of Aberdeen to ac9naint
you; that the Lords Commissioners of her Majesty's
Treasury have stated, that they are precluded from en-
tertaining the question submitted in your letter. The
money to which you refer, having been obtained from
the Chinese authorities at Canton, in order to relieve
that city from hostile pressure, is a droit of the Crown ;
and as such, after paying what her Majesty may graci-
ously be pleased to grant to the forces employed at
Canton, it must be carried to the account of the Conso-
lidated Fund.

" I am, Gentlemen, your most obedient humble servant,
" CANNING.
" Sir G. De H. Larpent, Bart., J. H. Palmer, Esq.,
J. A. Smith, Esq., G. Lyall, Esq."
Our letters from Amsterdam, alluding to Ba-
ron Rothschild's interviews with the Finance
Minister of the Hague, for the purpose of capi-
talising the Belgian part of the Netherlands na-
tional debt, mention it as generally believed that
the Baron's last proposition was to give in several
instalments the sum of 95,000,000 florins, from
which he would obtain from Belgium 100,000,000
florins, in 5 per Cent. stock. It is further sup-
posed, though it is hard to say with what degree
of certainty, that if these terms are accepted, the
Government will use the money in cancelling
the old 5 per Cent. Stock, and this supposition is
used to explain a peculiar state of the Dutch
Stock-market. The Two-and-a-Half per Cents.
have been buoyant, but the Five per Cents. very
flat, and this is attributed to the notion that the
Government will cancel them at par.
manner
view we have taken of the
manner in which the questions put by the
deputation of the Committee of Spanish Bond-
holders were met by the new Envoy from
Madrid, Senor Sancho, seemed to be fully ac-
quiesced in by the more calculating part of the
public interested in the subject of them. That
Spain should in the course of one short twelve-
month, namely, on the Ist of January, 1843, be
able to resume payment in full of the interest of
five per cent. on her general home and foreign
debt, which approaches sixty millions in amount,
and will require a surplus revenue of three mil-
lions sterling per annum, is, in the present diffi-
cult circumstances of the Treasury, deemed
wholly chimerical. We witness the struggle
that is making against the Ist of January next,
and which we are by no means prepared
to say will be a successful one, to provide
the small sum necessary to cover the two
half-years' dividends, at the rate of three
per cent. per annum, on ten millions of
coupons it is intended to capitalise, namely,
three hundred thousand pounds. The depu-
tation appear to be sanguine, but those who
know anything of the financial proceedings of
the two Peninsular Governments, know perfectly
well, and no one can be more cognisant of the
fact than the worthy chairman, Mr. Thornton,
himself, that, if he (Mr. Thornton) does obtain
the punctual payment of the full (5l per cent.)
interest on the Treasury Bonds, or Exchequer
Bills, of Portugal, neither his exertions, nor
those of his zealous coadjutor, Mr. Tasker, have
been sufficient, although more than five years
have elapsed since Sir Isaac Lyon Goldsmid
issued similar securities, to extract one single
sixpence in the shape either of principal or irate..
rest in the instance of Spain. And yet there is
this marked and most material difference between
the two cases—the Treasury paper of Portugal
was never advertised to be paid off, whereas that
of Spain was, and this in the most imposing lan-
guage too, that the London embassy could use
so far back as the year 1837.
We return thus speedily to the subject, be-
cause, from the melancholy retrospect we have
of the past financial career of the Spanish Go-
vernments and their unscrupulous agents, and
the extensive misery of ivhich they have been
the occasion, we feel that we cannot put our
readers too fully on their guard.
Letters from the north of England mention
the suspension of payment of a private banking-
house, at a considerable town on the borders of
Scotland. The intelligence caused much anxiety
to parties interested, and is probably but too
true, as, upon application being made at the
house of agency in London, it was found that
payments on account of the party in question
were refused. No explanation was, however,
afforded.

• SUN.—A good deal of business was transacted to-day
in the Public Securities,. and in all instances the, quota.;
tions were well -supported. For delivery to-morrow;
Consols realised 891 to 894, and for the opening in
Jarmary 884 to 891. The news from India of the Bir-
man King's movements had no effect upon prices. Ex-
chequer Bills were 10s. to 12s. premium, and East India
Bonds 2s. premium. Bank Stock improved to 1654,.
Bargain!: were effected in many Securities which had
`not been dealt in previously for some time, the New
Five per Cents. being at 117, the Three-and-a-Half per
Cents, of 1818 at 984, and the Three per Cents..of 1726
at 83,4. The Reduced Three-and-a• Half per Cents. were
firm at 9q- to 4, and the Three per Cents. at SBa
In the Foreign Market the operations were not of
magnitude, and generally prices underwent no material
alteration. The Active Spanish Bonds left off; however,
,rather better, viz., 23 to 231. The Coupons were steady
at 20. The New Three per Cent. Portuguese Bonds
were at 334, and-the Three per Cents. 191 to 20. Co-
lombian Stock was at 204 to 20i, and Mexican at 25i ;
French Five per Cents. were 116 f., and the Three per
Cents. 80f. 374 c; Dutch Two-and-a-Half per Cents. rea-
lized 524. ••

The Brighton Shares continued heavy, but the other
lines maintained their quotations.• Great Western brought
; Birmingham Thirds, 224 ; the. New, 2.3.1 ; the
York and North Midland, New, 15 ; and the South
Western, IG-a to • 17i premium ; Brighton were 141- to
141 and Croydon, 2} discount.