The Sun.
London, England, 1840-07-10 00:00:00

MONEY MARKET and CITY NEWS.

(THURSDAY EVENING)
C H RONICLE. —The retreat of Balmaseda and Ca-
brera into France with the remnant of their adherents
enables us now to say that the war is actually ended; and the
result has been sensitively felt to-day in the Foreign
House, where the market for Spanish Bonds has been
animated. We have now, therefore, to consider the claims
of the foreign creditors in their financial aspect, and it
will be the duty of the committee, who have their inte-
rests committed to their charge, to adopt the best and
most energetic measures for their protection and relief.
The princ►pal object which they, no doubt, will keep
steadily in view, will be to endeavour to make the Spa-
nish Government adhere strictly to their often expressed
promises, that when the civil war was ended they
would meet the claims of the bondholders with " per-
fect good faith." The committee can have no dir-
firulty in arriving at a correct conclusion as to
the Weaning of the words. " Good faith" in a na-
tion, as regards their creditors, clan only have one
construction, namely, payment of just debts to the-
fullest extent that the capabilities of the debtors can pro-
duce. What that extent may be in the,present case, we
are not in a position at present to declare, because the
finances of Spain, like those of every other State long
subjected to the ravages of civil war, must be of course
in a disorganized, and, probably, to some extent, exhausted
condition, from which they cannot immediately recover.
The resources of Spain, however, are great, and, by
proper fiscal and financial reforms, her revenue might
soon be rendered much more productive. We have
often instanced the valuable increase which might be
made in the custom duties on the arrangement of a
commercial treaty by free principles with this coun-
try, and this will now, we trust, be a matter less
difficult of accomplishment, when supported by the ex-
ample of what we have lately done with France and
Austria ; and what, we trust, will soon be effected
also with the kingdom of Portugal. But, independent
of that very desirable object, it is manifest that a very
important saving will be immediately practicable in
the expenditure of Spain in the army estimates, which, in
the last Budget, are stated at 900,000,000 of reals, equal,
indeed, to the amount at which some well-informed persons
estimate the entire free revenue. The half of that amount,
or about three and a half millions sterling, ought surely to
be saved in next year's expenditure, and, by the adoption
of energetic measures, we cannot but hope that a part of
that saving might be secured to the E glish creditors to-
wards payment of their dividends.
We have been expecting for some days past t4at the
report of the committee on the amount of the Sapnish debt
would be given to the public, and perceive that it will soon
be forthcoming. The period is very opportune for its
publication, and as it will of course be founded on official
papers, and accompanied by an authentic detail of the re-
venues of Spain, and of the value of the public lands un-
sold and yet tangible for the liquidation of the public en-
gagements, must be useful in enabling the creditors to
form some judgment as to the value of their bonds.

POST.—In the Foreign Market the principal dealings
were in Spanish Stock, which, owing to the retirement of
Cabrera into France, continues to improve, though slowly,
as no confidence whatever is placed in the integrity of the
Madrid Gcvernment. Victor►es may be obtained by the
Christinos, and Carlists may succumb; hut, until some
display of honesty is made on the part of the Administra-
tion, no advance, beyond a merely speculative advance,
founded upon opinions as to the credulity of the public, can
be expected.

H ERA LD.—The Funds remain without any change
worth notice. Consols 92A to aex dividend. Exchequer
Bills firm at 30s. to 325. premium. Bank Stock 1734- to
The speculators in Spanish Securities ere at length
it seems recovering their spirits, aid some extensive trans
actions took place to-day for the rise which improved the
quotations to•2ii to a. It is of course needless to say
that all this is pure speculation, because no man of real
property buys this sort of paper stuff by way of investment.
It will however be curious to sec what sort of face the Spa-
nisi] Government will put on towards their creditors, now that
the long-standing apologyfor non-fulfilment of eng agemen ts,
that is the existence of the civil war, and forceu absorp-
tion by it of all resources consequent, is on its last Icgs.
If inclined to set justly under this improved aspect of
affairs, the surplus revenues of the Phillipine islands and
of Cuba might be made applicable in a short time to the
discharge of arrears of interest, if not tcohe reduction of
the debt itself; and besides what may be derived from
these quarters it will not be forgotten that a very great
deal has been said as well as committed to paper on many
occasions about the vast amount of national domains, the
proceeds from the sale of which would, it has often been
asserted on high Spanish authority, supply ample funds
for the extinction of the whole debt itself, principal and
interest. It does net require the power even of second
eight, however, to foresee how the thing will
en'. The liquidation alone of the war expendi-
ture, and of arrears and defalcations of all
kinds will be a work of years, independent of all reference
to, or possibility of provision for, the external debt, unless
by an unhooked for casualty it should arrive that some more
extraordinary reform and revolution in the financial affairs
of • Spain should be operated, through an agency scarcely
less than miraculous. The mere winding up and final
balance of the Peninsular war under the illustrious Duke
was not competed for some fifteen years after the final
termination of the war, although of course the great hulk
of the accounts had to be paid berme in strict form they
could be examined and passed at home. Not the least of
that great man's excellencies was however, as is well know n
in the service and in Government quarters, that he was no
less eminent as a financier than as a warrior.

SUN.—Consols cloied to-day at 924 for the 16th
inst., and 92k for the present delivery. The other
Stocks were the same as in the morning.
The news of Cabrera's retreat into France being now
fully ccnfirmed by the receipt of further expresses from
Paris, the speculators have been more inclined to do
business in Spanish Bonds, and to give higher prices.
The Active Stock rose from 27-,1 to 27 for money,
and from 271 to 27i to -I for the Account. Colom-
bian Bonds have been steady at 27 to ; Brazilian
steady at 80 ; and Austrian firm at 1101. French
Five per Cent. Rentes, in consequence of the buoyancy
of the market at Paris, have touched 117 f. 7.5 c. ; and
tie Dutch Two-and-a-Half per Cents. have been more
dealt in at 531 to At Amsterdam the Domestic
Fund on Tuesday afternoon was very animated, and
closed firmly. Portuguese New Five per Cents. fluc-
tuated to some extent to-day—viz., from 358 to 34-,
while the Three per Cents. altunatcd from 23:12- to 234.
The Share Market is still in a languid condition, and
sales cannot be effected unless at a slight reduction.
The Great Western Shares have been marked 361 to
381, the Blackwall 1 to Ih, the Manchester and
Leeds 27 to 28, the New 19_ ,!; the New North Mid-
land 64, and the South Western 20i, premium.
Hull and Selby Shares were at 1, Bristol and Exeter at
124, North Midland at 7, and Brighton at 71 discount.
Assam Shares dropped to discount.

SPIRIT of the PUBLIC JOURNALS.

FROM THE MORNING PAPERS OF THIS HAY.
(From the Morning Chronicle.)

Our pious Contemporary, the Standard, is very much
shocked at one result that might have followed from the
adoption of Mr. Easthope's motion on Church-rates by
the House of Commons. It apprehends that, in that
event, the Church would perchance have lost sundry mem-
bers whom it describes as very complete scamps ; but with
uhom, nevertheless, it is most anxious that the Church
should not part. The Standard is by no means solicitous
for a Church " without spot or blemish." On the contrary,
it is eager for as many spots or blemishes as will yield
pence out of their purulence. Many people think that the
claims of the Church to an absolute nationality, which, de
Ado, has long ceased to exist, are injurious to its
moral and spiritual character, by the unavoidable in-
clusion of criminals whom most Churches would be
solicitous to disown. For instance, Gould is a member of
the Church of England, and so is Oxford; that infinite
liar Courvoisier bequeathed to the Ordinary sundry effu.
sions of the Ordinary's own Church of England devotion ;
Marchand was welcomed to Heaven by twenty thous:4od
Church of England angels ; and Greer,acre had been all
office bearer in the Church of England. Such wretches
cannot sully the faith and worship of Hooker and Taylor,
of Barrow and Tillctscn. But the connection of their
names is a misfortune to a religious body ; and it is a mis-
fortune arising out of those claims which the Standard up-
holds and would extend. Our contemporary is not sati'.
fled with the inclusion of these gems of grace ; it wishes
the net to catch other fish of the same sort, though of
smaller size; and is very angry with Mr. Easthope that
his Bill might have unchurched a " godless and worthless
class of nominal churchmen."

( From the Morning Advertiser.)
Lord Melbourne's able speech on Tuesday might, ex-
planatory of the intentions of the Government, and the
principles of the Canada Bill, appears to have consider.
ably appeased the hostility entertained against the measure
by the few Members of the House of Lords lately so
violent in their opposition to it. The Report of 04, ,
Committee on the Bill was last night taken int:4 to A.
sideration with a temper and impartiality whieli we 1,0:61,
would more frequently pervade the deliberations of *vat as-
sembly. We are surprised, however, that the hinendinent
of the Duke of Wellington, poatpolling tbt operation of the
Act for "fifteen" instead of "six" Months, should have
been agreed to without a division, or even any discus-
sion. In the present unsettled oondition of the Canadas,
this delay may be attended with very disastrous results.
We shall not, however, now anticipate evil, but we mint
regret that the operation of a measure received by all par-
ties with such general approbation, should be delayed
even for a day. Until the Bill come into operation the
Canadas must be in a state of doubt and uncertainty,
which is in itself an evil in any state, but in a state
like
Canada, recovering from the shock of an insurrection,
with numerous malcontents in her own bosom, and in
proximity of a powerful neighbour, whose example, if not
instigation, stimulates the efforts to perfect independence
and a severance of the connexion with Great Britain :
in a state so circumstanced all measures of government
should be of the most prompt and decisive character.
(From the Morning Post.)
The language which tome persons hold with respect to
the course taken by the House of Lords on the Canada
Bill is as unconstitutional as anything we ever heard of.
It seems to be imputed to the Upper House of Parliament
as a fault that they should have taken that measure into
consideration at all. A good deal was said lately in France
about the public injustice of treating the House of Peers
in that country as though it were merely a Court for core-
gistering the Acts of the Chamber of Deputies. Our Bri-
tish House of Peers is an assembly much more ancient, 4,g-
-nified, and authoritative than that of France, and much more
closely connected with the ordinary routine of the public
business, yet some people really seem disposed to treat it
in the same way. It is openly alleged, or arguments are
used which come to that point, that, with regard to the
Canada am, the proper business of the time of lords