The Sun.
London, England, 1841-04-10 00:00:00

FROM TIIE MORNING PAPERS OF YESTERDAY.

C HRONICLE.—The intelligence of the settlement
of the dispute with China, announced in the Chronicle
this morning, has been received with great satisfaction,
and all classes are impressed with the importance and in-
calculable benefits which may ensue to our trade and com-
merce fromathe opening up of so immense a market for the
produce of British industry. Throughout the day anxiety
seas intense to learn of further arrivals with details, and
towards four o'clock it was generally expected that fresh
information would be communicated in a second edition ;
but at the close of business, and indeed up to five o'clock,
no.hing further had transpired in the City. The imme-
diete effect upon the English funds was merely a rise of
per cent., and at the close the quotations • were only
per cent. better than yesterday, Consols for the Account
ringolbaed at 90 to for the Account, and left off' at
A - to '9O. The Tea Market has been sensibly influenced,
haakineitnmediately given slay 3d. per lb. for Company's
Congous.
The disappearance of a member of the Stock Exchange,
to which we alluded yesterday, continues to excite atten-
ti in, and we hear that 4,0001. in Exchequer Bills, belong-
ing to the Decayed Fund, which be hold as the treasurer
of that charity, are not to be found. A point of some
very fit to exercise the talents of the gentlemen of
the long robe, is likely to arise out of the embarrassments
of this defaulter. It seems he obtained 2,0001. on the
6,h inst., on a Bank check, from another member of the
house, for which he gave his own check, dated yesterday,
uto7lntlni tionnstp"raf )erticae
sbimetiwlaerenammouenmtbienrsexocfh
change to accommodate each other in this way by an in-
tahl'ege.Stolctk isEnxo-
terchange of checks when a party, who has taken a large
amount of money stock, finds himself short of Bank notes
after transfer hours, which prevents him supplying his de-
fici.mcy till the following day. •
In the present case it is understood that the defaulter,
whose credit was undoubted, applied to another member
of the house for a loan of 2,0001, for the day, saying he
was in want of notes to pay for some stock which he bad
bought, and as be could not, after the hour at which he
applied for the :iccornmodati m, transfer stock as a secur-
ity, he would give his check for the amount pay-
able on the following day, obtaining what he wishes!
for that day, namely, a crossed check, which would be
received as money at the clearing. The gentleman to
whom he applied is said to have acceded to the proposi-
tion, but we hear that he also received dividend warrants
from the defaulter in security, and the nice question in-
volved is, whether the Bank of England will pay them
when presented.
The dividends on Reduced and Long Annuities arc
tc-day in course of payment to the public. But, its
regards banker:, a special rule is observed, to avoid
crowding and inconvenience, by which they sign the
Bank books two days before, and obtain their warrants
at the same time on the cashier. Oa the 6th instant the
defaulter in this case, who on that day signed the Bank
books for the stock which he had authority to draw
for as attorney, received the warrants in exchange,
and before disappearance delivered part of them to the
party as a security from whom lie received the 2,000/. by
Bank check. At least, it is quite understood that the
party who gave him the check holds dividend warrants in
security, and the question comes to be, will the Bank of
England pay them when presented? Had the giver
of them not been a banker, the matter would have been
free from all doubt, as the seeiniey could not have been
completed before this day ; bat in the case of bankers,
the books and warrants are signed, witnessed, and de-
livered two days before ; and it is maintained by some
that the warrants granted on that day to the defaulter were
valid complete documents of debts, payable to bearer.
Under these circumstances, it is supposed that the Di-
rectors of the Bank of England would be at some loss
how to act in the event of payment being demanded. It
is said that the proprietors of the stock, for whom the
defaulter acted as attorney, would, in the meantime,
give the Bank an indemnity to protect them against the
consequences of refusal, and that a distringas would also
be applied for to have the quea:ion of liability settled in a
court of law.

HE RA LD.—The favourable tenour of the intelligence
communicated this morning from China, in anticipation
of the overland mail, ought, according to the anticipations
of the dealers, to have advanced the prices of stocks by
some 2, or 1 per cent. at least, but no such effect was
produced, for Consols only reached 89i to 90 for money
and account. being a rise of a shade more than per cent.
Admitting that all is really settled with Chins, accord-
ing to the accounts now received, the fact is considered
only as the prelude to some other war or wars, involving
a continuation of the same ruinous expense, and the issue
of which, as of the Dutch, Portuguese, Spanish, Syrian,
Indian and Chinese wars serves only to impoverish the
national resources, and to afford an opportunity, as with
Holland and Portugal, to injure commerce and favour the
abolition of such commercial treaties as conferred privi-
leges on the trade of this country.
The foreign market experienced the benefit of the good
news more strongly than the home funds, so that it might
reasonably be supposed the 6,000,000 dollars from China
were coming in part payment of Spanish and Portuguese
dividends, and that the island of Hong Kong was ceded
as security for the balance.
A good deal of amusement was created in the City this
evening by a very pleasant vain-glorious article in the Mi-
nisterial evening sage, the Globe, the writer of which very
decisively intimates the very great disadvantages and heavy
charges incident to carrying on trade at Canton,
de all
which
arc to be re nova by removing the seat of tra
newly ceded port of Hong Kong, which is very clearly nant
dicated to he advantageously situate some hundreds, if
thousands, of miles northward of Canton, somewhere about
the great tea and silk districts of Chekiang, or Kiang,
to
in-
the
other hanging places, and therefore which nobody would
suspect to be actually placed, as Hong Kong really is, if
geographers,
Commodore Bremer and Captain Elliot, are
to be believed, right at the door of Canton, that is, just so
near as to be considered the knocker of the door of Can-
ton. The evening sage of the Foreign-office moreover
complacently assumes that the seat of British trade is to be
2 little
does
en
established at Hong Kong, and descants accordingly in
most fervid prose on the conquests achieved by Foreign.
certainlyai ti n
couldt hardly warehouse,
office statesmanship in favour of British trade. Any City
dealer in Bohea and Souchong, however, would inform
this wooden-headed mandarin that the little islet of
that in
nwy
hfcaiocenltit
if covered with buildings, a thousand chests of tea, to
say nothing of cotton bales, cotton and woollen goods, &c.,
imported. It is hard to be obliged to teach the up-grown
j dunce of the Globe a little geography, but it is respect.
fully submitted that British trade is to be carried on as
aoct.theacre
Hong
of Kong
heretofore at Canton; that Hong Kong is merely a site
oon Globe
en
dn, wouldaw dP