The Sun.
London, England, 1840-12-02 00:00:00

iTElittNa. .L1)1'111014')

MONEY MARKET and CIT Y NEW S

(TUESDAY EVENING.)
CHRONICLE.—The Brazilian Minister is about to
trPpear in this market as a borrower, for a loan on account '
of his Government to the extent of about 1,000,000. The
terms are not known, but several parties have written for a
share for it. When the late Belgian loan was brought
out, we expressed our opinion that it was not likely to find
eager purchasers, and we are eat mistaken. It might be
rrut-nature to say as much upon the fate of the intended
Oran for Brazil, as the ccnditions are not bt fore us ; but
Ito hesitate not to repeat, nevertheless, that the time which
'the Minister of Brazil bas chosen is nut particularly fortu-
nate, and that the financial position of this country is not
such as to permit of our teeommending any such insest-
ratots to The favourable notice of the public. The wants
of the Chancellor of the Exchequer are not yet ascertained,
and thy Foreign Exchanties are not by any means so healthy
as tea render it advisable to encourage spsoulatious which
will, tarry off specie to other Powers.
are here is another consideration connected with this
'tratter, which attracts at present, and s-ilia will be speed-
VI brought under the view of the Minister of Brazil. It
is a standing order with the Stock Exchange that no new
luau shall be acknowledeed or quoted in their transac-
tions until the erred, s of any p.,.. ions loan from the sante
quarter have been liquidated. These arc not the words,
but ti.ay are the substance of the regulation in luestion ;
and such being the case, it is to be remembered that, by a
ear volition arising out of tire terms on which Portugal
ar,reed to acknowledge the independence of Brazil, a set .
treineut was effected a few years ago, by which the balance
due by Brazil to Portugal was tixed at 490,1 001., and a
loan was contracted for by Portugal in this country, spe-
ciall; secured upon the debt due to that country by Brazil.
There are about three years' dividends due on that
stock, for which' the security of Brazil is specially
guaranteed, although Portugal is the principal debtor ;
and the, uchtor states that the cause of her non-pay-
ment. el the dividends on the stock so guaranteed k,
that Brazil has failed to pay her the balance settled
by 'the curivention. The answer made by Brazil, we
to neve, is, that her Minister exceeded his powers in enter-
;.rig upon the convention ; but that is a matter with which
the have no concern. The point we wish to be considered
is, whether any dealing: in the proposed Brazilian lean
atioulq be countenanced on the Stuck Exchange until
the Committee are satisfied that a proper settlement is
urP Je of tire arrears of the Portuguese loan, secured upon
1.).c credit of Brazil. We have heard it hinted that the
Snooty to be raised by the proposed loan is not to be taken
nut of this country, but that it is to be applied hr paying
the interest of previous loans. That is a poor answer to
our objecCon, and, if true, only goes to prove that the
debt of brazil is already more than her resources can pro-
vide,

I:ioney has been in general demand to-day for cornmer-
OA purposes, and wanted also on the Stock Exchange.
'rlie continuation on Consols for the opening has been up-
wards of 3 per cent. The Continental Exchanges conti-
nue much the same as last post, with little doing. But
the Eliglish Funds have been buoyant to.day, an advance
if ~cent. having taken place in Consols.

TP.IES.—The heavy discount on India Bonds has
been for soma time past apparent in the quotation, but
the cause seems not to be wholly understood. At the
time when the East India Company paid i,ff a portion of
these cutstandinr, obligations and renewed the remainder,
they awn:lied -a condition that payment was not to be
claimed upon them without notice of t,,elve mouths being
given by the holder. Few of them seen• to bitfe
noticed this condition or ected upon it, but as the value
IA money ir.creaaed they gradually became less marketable,
and naturally fell to a discount, which increased until
it cuunt,racted the difference between the rate of in-
terest on these and other securities. Bankris an': other
great caritalizti, however, who hold them in great masses,
ba-'l,lllilig to grow tired of this state of things,
and the lots they are put to in any operation to realize
tkai`.e capital, and they have accordingly given the re-
eluisite notice to the East India Company for repay-
ment. An eminent banker at the west end of the town is
said to have done 30 to the amount of 100,000/. The
Company are too powerful in their financial resources to
attach any iniportaned to such a claim ; but if it is de-
sired to keep these securities at their former estima-
tion in the market, this condition should either be
expunged or the rate of interest advanced. India
13oada were to-day at discount, and during the late
pressute for inaney, which even now is not materially re-
lieved, were much lower.

Great complaints are mr.de among the merchants in the
City of the repeated failures whieta have occurred of late
in the delivery of the French Mail, for which, as they
eenceive, no sntlicient reason CAII be assigned. As the
arrangements, however, are more under the direction of
French than of English authorities, they are much at a loss
how to shape their coarse vu as to obtain the desired reform
in them. Froin information obtained from their correspond.
cuts they have cause for believing that the commanders
of the French boats hesitate at putting to sea in weather
which an English one would fearlessly encounter, and
also that they are on very many occaaiona unprepared to
start at the time when the mail reaches Calais from Paris-
They would desire that this should be looked into, whe.
Cher the allegations are true or not ; and further, they
would very much wish to see established on the other side
some arrangement by which an option could be exercised
in making Boulogne as well as Calais occasio the port
of departure. since it is well known that one is frequently
nvailable when the other is not, and thit between the two,
if proper vigilance was kept up, such a thing as the fa lure of
a mail trom France, so welt is the land journey performed,
Would hardly ever be heard of. The importance of the question
cannot need the slightest observation to any one who retlocts
for a moment how immensely important the comniar-
cial, as well as the political, communications with the con-
tinent are at this time, and indeed at. all times, and all the
organization connected with it should therefore be ren-
dered absolutely perfect, so far as human means will per-
mit. Thar° would have been a memorial to the English
Post office prepared on the subject ere this, had it been
thought that any din ct interferencl. could with propriety
have taken place, but it seems but proper that publicity
should be given to the state of the case through this me-
dium, in the hope that the point of honour, not to be out-
done by the English, may operate in inducing the requi-
site interference on the part of the French Post-office
authorities, who have never shown themselves on any
other occasion deficient either in intelligence or in vigorous
action. The failures of delivery of the mails from the
English siaie to France are comparatively very few indeed.
By advicea from Hamburg!' the price of gold is
4231 per markt, which, at the English Mint price of
3!. 17s. lUhd. the ounce fur standard gold, gives an
exchange of 13. 41, and the exchange at Hamburg!' on
London at short being 13. 4A-, it follows that gold is 111
per cent. lower at lianiburgh than in Loudon.
The premium on gold at Paris is 5.1,- per mille, which, at
the English Mint price of 31. 173. 10Id. the ounce for
standard gold, gives an exchange of 25 29, and the ex-
change at Paris on London at short being 23.30, it follows
that gold is 4 per cent, lower at Paris than in London.
The course of exchange at New York on London is
1081 per cent., and the par of exchange between Eng-
-1 ind and America beiog 109 23-40 per cent., it follows
that the exchange is 82 per cent. against England. But
the quoted exchange at Now York being for bills at 60
day,' sight, the discount on these 60 days must be de-
duct, d from the aforesaid difference.

Money cintinues in demand, and 5 and ti per cent.
sv,ne übtained on the general description of English secu-
riii. s, but, notwithstanding, their values have ircreased.
The purchasers made by the leading operators for the
rise towards the termination of busines3 considerably in-
fluenced the tune of the marlo.t.

By leutrs received front Chili, dated August ith, and
laid before the Committee of South American Bond-
hold r: at Chili, accompanied by Colonel Walpole, the
Bri,is'a rein, sentative, had had an intertricw with the
nister of Finance, the result of el-licit was, that the latter
adinitred the principle of settin.; the arrears of dividends
on the basis ut a 3 per tent. Stock. It must be observed,
th se this is merely the admission of the principle, and
that ill matters of detail, and as to the time when it may
be carried into effect, are still su`.•ject to further deliberation.

SUN.—The Consol Market has been good to-day,
although money was in sonic request, and business Hot
part cularly active. The conviction, however, that the
Eastern Question is now settled, led to the improve-
ment. For present transfer the quotations were 90 to
JU ; and for the ()paling 90q- to 91-!-, the I itest prices
berm the highest. Batik Stock brought 159 ; India
Stock c 241:.., to 24 ; and Exchequer Bills 3s. to 6s.
premium.

There was only a moderate amount of business 'doing
in the Foreign stocks to-day, but they are Azain as-
suming an appearance of some buoyancy. To those
who watch the foreign exchanges these symptoms give
some uneasiness, as tending to encourage the importa-
tion of stocks and bonds from the Continent. Por-
tuguese New Five per Gents, were quoted to-day, for
the first time, cm dividend, which is 11 per cent. for
the half year, ending to-day. The price was 341 to
34 and foi ..he Three per Cents. 0-'5 to 2.44. This
shows an advance of nearly 5 per cent. since yesterday.
Spanish Active Bonds were rather dull at 23.8_ to 34,
and the Passive at 54. Mexican Bonds of 1837 were
at 30 to 30y, and Colombian of 1824 ara 051 to .46,
being for each a alight improvement. Brazil Stock was
depressed at 72. Belgian Old Five per Ceuts, were
steady at 981, and in the New Scrip there Ivas one
arg
ts. ain
broat 5
premilium 52. . Dutch Two-and-a-Half per
Cenught 5.1 to
The Railway Shares were not brisk, but they realized
fair prices. Brighton improved to 105 and 95 discount,
and Birmingham Quarter Shams to 21 premium ;
Manchester and Leeds were at 11 premium, and Great
Western New at 10 to 101:premium ; Birmingham and
Derby Shares were at 26 to 24 discount, and North
Midland at 24 discount. London Joint•Stoek Bank
Shares obtSined to 2-1 premium ; and Provincial Bank
of Ireland 185 to 19 premann.
The foreign exchanges were without material altera-
tion to-day. On Amsterdam and F'rankfort the rates
had a slight tendency to advance, being on the former
place 12 •25 to 3, and on the la-ter 149 to 1. Bills
_I
on Paris were taken at 25E. 55c. to 60c., on I in-
burgh 13 75 to 8, and on Trieste at I() 3 to 4.
From the northern cities the exchange on Eu4hll.(l
came over much the same to-day.
The following is the official return of the exports of
bullion from the port of Londoa for the week end;ng
Thursday last
Siv •Y
er coin to namnurgn • . . 74,067 oz.
Rotterdam . . . 14,100
Belgium . . . 600
British West Intliga 720
Ordr

orders have been received at Chatham to have
all tho men belonging to the regirn qlta in: the East
in
indiei
three got read
s.y to embark for their respective regiments
week