The Sun.
London, England, 1840-12-29 00:00:00

EVEN NG 141 D oIOl

MONEY MARKET and CITY NEWS

ItOd•NDAY EVENING.)
CHRONICLE.—The funds have rallied from the
d-.7pression which has hung over them for the last f:w
days. Consols opened at 88, and in consequence of a
sale of 15,000/. by an influential broker, the price fell
to 87-1,- to 88. But the extra editions cf the morning
papers, which appeared soon after, gave a favourable
turn to the market, and several purchases having been
made, the quotations reached BSt to at which they
closed. This rise of s per cent. on the last price of
Saturday was produced by the satisfactory nature of ihe
settlement concluded by Admiral Stopford with Mohe-
met Ali, and the changc of tone expressed in the Paris
eorrespendence regarding an adjustment of the relations
between England and France and the other Pow cri
parties to the Treaty of the 15th of July. It is be-
sides now generally assumed that the question of he
-Douro navigation will soon be arranged ; and we can
state with confidence, that all fear of hostilities betty :en
Spa*d Portugal on that subject has vanished. .Tho
alediatron of England has been accepted by Spain, and
the meeting of the Portuguese Cortes wiil be followed
by an adjustment of the tariff on terms advantegeou3 to
the commerce of both nations.

POST.—The Funds were effected in the early part
of the morning by tile !ess favourable appearauce of the
Paris quotations, by a vague report, which had
acquired some cc . of the convention concluded
between Commodo '.2r and Boghos Bay has ing
been repudiated by A.:c►:ral Stopford. Consols were
marked 87k, ex dividend, for the opening. Wlien,
however, it came to be explained that a subsequent
treaty, e►nbracing the main points—such as the evacu-
ation of Syria, and the surrender of the Turkish fleet,
eontained in the former, had been concluded between
Sir RobertlStopford and the Pacha of Egypt—the quo-
tation improved very materially, say Ito per cent. on
the lowest depression above noted, the last price being
En to 881.

lIERA.LD.—The Funds have been more firm to-
day and prices hate improved. There can be no qu:s-
tiois that the loan for the Trinity Corporation has had
a beneficial effect in this respect, as tending to take off a
co_nsiderable portion of that surplus capital which, alter
payment of the dividends, generally hangs about the
market waiting for investment. A good deal has been
written in hypothetical guesses as to the amount and
the purposes for which the Trinity Corporation aro be-
coming borrowers. The fact, however, has been clear
enough all along. The Corporation are empowered of
coarse to attend to the safety of the coast so far as buoys,
lighthouses, &c., and consequently previous to the erec-
tion of more sea watch-houses, or fortifications, or the
purchase of those built at individual expense, which for
the purpose of public benefit it was necessary should
be free for all nations upon certain conditions onerous
for them as for all, it was necessary that an adequate
fund should be raised. For in fact, it must be observed,
that is the treaties of reciprocity and commerce which
bind this country with foreign nations, one of the con-
dilions necessarily is that foreign shipping is placed in
respect of port, lighthouse, &c. dues upon an equal
footing with this country, and consequently as these
treaties arc become now very- frequent, it has be-
come a matter of great convenience, and indeed of ne-
cessity, th.:t the lighting and watching of the coast
should be entirely concentrated in the hands of ;he
Trinity, House, by the actual possession of the light-
houses themselves, as otherwise so far as a general 6u-
pc,intendence, a power of control over them was re-
servid. The favour with which this new domestic in-
viulment is viewed tends so far to check any dispcsi-
tierwhich might have existed, or been excited, to t,pe-
cc:late in new foreign loans and securities, the temp- a.
tion of which is not wanting, and which are generally
timed with a well understood policy for appearance on
the Market when superfluous cash is on the look out tor
veszaient.

TIMES.—The absurd story about the taking of
Pekin by the Eog!Lill has boen revived, with additions
went come increase of confidence. The origin of it is
a letter from St. Petersburgh of the 12th inst., of
which the following is an extract :
" Accounts have been received from Kiatka of C:e
1.5:11 of September, stating that a report was very cer-
rt.et there, . and generally believed, that the Brie
fnfces wereln possession of Pekin. Kiatka is 933
coilf:s tram Pekin, and the only channel I.y wi.:ch

iatwiligenee from China could be received.'

Tile-opinion at St. Petersbnrgh was that the news
rra•,ikely to be .true, as it was quite pas-ible for ac-
couuta from Pekin to be received at Kiafka to a nitudi
later 'late than b.is been received by way of Bomb ,y
to ,1 Nivmedria.

• AO this, however, has been completely chin red
tt sieand letter received this morning' from St. Peters-

ti4rgh, by the same house, from their agent, who n w
it:l;•rtta‘ thrtn of the arrival of further ile,COUThtB from
I,',..ilitkt—eolatrgAlieting the report of the taking of Pekin,
411irming prsitively that "sonic pace on the coast
.he L4E:co p ,session of by the Euglish"—.ite
7ssulcing itscif into the very trifling coiszake of

*OAguting Pekm f or Con3an. -
14111k54 xlt,:red kte:y to the relative cip.tAl of'
j,,,t1-41:ort et,itt of private bankv, a correspondent ha 4
itrtintiaeil4b4e esAct in!Crmation, taken from the re-

turoN, Which may be uso!ui to the public. Ha sta-c3
th, ftnit;t:m. of 11141 up caritnl of the joint-stock barAs
;41 inuntry in EN:land and Wales at 10,000,0001.,
.4. -.A tbos! in I..lndon at 1.00,000/. rhis will api,,lr
tikt: r v",:ry proti.ctiou to, the public, sei ing ti e
our which their operatians are spre'd.
I,oc c,ptal privec bank• rs,ei,lier in town or.country,
ast:inate win of caurs,.! forincd, but if private cat,i-
vni tbtAir ease is found to be raways accessible, aild

ow) to to g.,t at by difficu't and expensive
thh iisstalho.,l of a joi,it-sat,ek bank titipo;ed to be f:

du'ent,ac, the boasted superiority of the later would
ppe.-Ir to be a very doubtful matter indeed. The
ovation which some corespondents indulge in, th.at
ttit-!re is any design in the remark-5 made to raise or to
depreSs either system at the expense of the other, ,s
ridtcu:ous. Toe object is to get at the exact truth, sa
7k3 to settle extravagant and absurd pretensions, anti to
lay till result before the pehlic.
T!.45 Congot-inarket was depressed in the early Tr.rt
of the tla;,, the opening price hr the account being E. 73
tc B+3 ; bat when it was announced that the Con-,
tine proposed by Commodore Napier to the Pact:: ,!
Es 3 p', as tood,t;ed by Admiral Stopford, had been ,
tented to, a rise. of per cent. followed, which
mai:AA:lca up to the latrst hour of business.
The recent discussions on loan societies, and the
vs-vs:ve interest exacted under the name of discount,

ti-vve produced numerous letters on the zubject how
which it would pp ear that ni,arly the whole thsposuble

. .
tapis al of men of property is in a gradual course of are.
peepriation to the purposes of usury and extortion. WI: at-
et: r may have been said of the principle of free trade, es
appit,iable to money equally with all other comers-
d ties, the practice has proved so infamously bad that
sw'uy intelligent persons who approved of it at first
are beginning to doubt the principle itself. Ttie
peat and obvious interference with the principle is
the great dread most people feel at allowing their pecu-
ttiAry difficulties, or rather the simple necessity for her-
rn-Ain, at all, to become known. The following case
coreaansd in one of the letters alluded to is a good ilius-
triet.on of this :—A gentleman anticipating a quarter's
iilcome payable out of real property, draws a bill on the
responsible party for 301. at three months, which is ac-
cepted and endorsed to a third party of acknowledged
respectability. This holder takes the bill to a discounter,
with an introductory letter, proving that it is perfectly
safe, and it is found that no less than 4/.103. is demanded
far the accommodation, which is besides offered only on
else further condition that a fourth name, thateof the party
introducing the holder, shall be added to the otL r
three. In the case referred to the gentleman bor-
rowed the money of his friend, instead of asking
k.m for his security, and thus escaped the extortion
of the discounter, but this was merely because he
mew that from every similar source accommocla-
len would be, refused, except on similar terms (viz.
per oent.), in fact, because he knew that it was the
eitortion belonging to a system, and not that of an in-
Oisidual, to which he was exposed. It is well known
ittet many persons, who merely are in want of ready
tamsay, without the slightest doubt as to the stability
of their resources, have the greatest objection to apply
14 t lei( private friends at such a moment of temporary
The credit of these may be unquestionable,
iedi yet aa deficiency of a fow weeks may under the
an easy prey to persons
roast system render them
wbo seem to have mei a profession of extortion. As
for the discount price -, a correspondent, alluding to
the observations on t isury laws a few days ago,
iiitalists divert their capital
questions the fact thei,
from the regular channels to carry on this profitable
trade, and puts the case much stronger by affirming
that they have a much e,isier method, which indeed
requires them to lock up no capital whatever.
This method is the simple one of discounting
at one of the rates now so common, say
•per cent., and then, by having a connexion with
regular bill-brokers, getting them re-discounted at the
rate of about five or six per cent. By this means an
snormous profit may be made, in addition to the regular
use of his own money, by the capitalist, who may grind
down his less tortutiate neighbours, without even the
chance of a momentary pressure for cash. As naturally
(xmasetell with the difficulty at present of obtaining ac-
°"nrooation from private persons, the subject of
" loin societies" is much discussed at present, and
great complaints arc made of the present state of the
laws affecting them, which renders it most difficult for
Magistrates to act according to the statutes, and con-
sistently with their own ideas of justice. Many per-
seas, as is commonly the case when abuses increase to a
certain extent, are suggesting remedies, such as plans of
societies, and so forth, which might obviate the evil.
Such suggestions, however, generally proceed from in-
terested sources, and on these it is beyond our province
to decide. If really worthy of public confidence, they
will make their own way.

SUN.—To-day the market for Public Securities has
A.,, bean injuriously affected by more than one circumstance.
1 NOIR Most among the acting causes we may notice the