The Sun.
London, England, 1840-12-28 00:00:00

FRENCH WAR PREPARATIONS.

The French Conservative journal tbe Presse has re-
celitly published some vc, y sensible remarks an the glaring
absurdity and expense of the pair armee which France has
of late indulged in. The most strenuous antwates of
the Thiers policy must at length see the error of their
way, and coincide in the justice of the following obser.

rations :
"At the instigation of Lord Palmerston the Fotsc
Powers have demanded explanations from France as to her
armaments, but adds that this denond ought not to be re-
garded as offensive, for if Europe was arming without
stating the object of the armaments, France would also
have a right to demand explanations. It is a principle
among nations when at peace with each other :bat one 90 -
verurneut is not to increase its farces without ilsc consent
of the Governments with which it is in amity, which consent
is seldom withheld if the necessity for such inci "-Ilse be
shovin, and there is nothing in it of menace inwards
friendly Governments. If this were not an understood
principle of national intercourse, no State could find an
interest in the maintenance of pence, for if one Govern.
anent with surplus means, or with reckless disregard of its
pecuniary resources, were to resort to arnaamonis in a time
of peace, the others must make pecuniary sacrifices for self.
protection, or to maintain the balance of power. Peace is
the on►y time for economy, and relieving the burdens of the
people ; but peace would permit of neither if nations were to
be continually arming and watching each other. This
Presse in concluding its leader takes this view, and de-
' dares that France would be very unwise to waste he
resources in maintaining an attitude of menace whils,
she should be menaced by no other country, and thus.
by sowing distrust in Europe, not only make her armed;
peace useless as regards the great purposes of ins
terest and honour, of which true peace is the pro-
moter, but thus rem er war imminent. . • • ••
In ai;swer to this demand for explanations what shalt,
we do? Shall we persist in this pair armee, which could
with much more propticty be called la guerre paisible,
order to show its absurdity, and so autheriss, all the other
Powers to arm as they have begun to do? Russia will or
ploy in grand preparations the loan which she has just con
eluded in Holland ; all Gcrmany will follow the impul-
sion; the strati neutrsl States which surround us will not
not remain behind hand, and we have already:seen Belgium
nearly doubling her army. All these nations will be over-
whelme.i with taxation, in older to provide for the arma-
ments, and we shall ruin ourselves without awls e, without
dignity, without glory, and call down upon ovr heads
the curses of every country which ire compel to ruin
itself as we would do. He must be a credulous man,
indeed, who supposes that peace can be maintainad in
the midst of such elements of irritation and discord. It
is not a time when every o"o is armed that concilia-
tion is long possible. The revolutionary parties who have
espoused SO tS armly the policy of M. Thiers, and M. There
himself, comprehend this. If they urge with such vehet
mence the military development of France, if they arc
such turbulent partisans of the project cf fortifying Parif)
and shut their eyes to the incressing deficit of the revenue,
respecting whic►t they formerly were gloomy, it is be-,
cause they are sure that, by persisting in the present course,
France will excite general distrust in Europe, that distrust
will lead to unfriendly acts, and that, sooner or later, in
spite of the pacific professions which have been thrown
over this absurd lie of armed peace, the universal collision
. will ensue, for which they all sigh—some to repair their
wounded pride, others to realize their detestable projects.
, 3 . . . . The Powers demand why we are arming.
Let us ask them what their own projects are, and whether
they are also ready to disarm ? If. as evcrthing.semns to
indicate, they should reply affirmatively, let us not foolishly
object to disarm, and render peace sterile by an expendi-
ture which is required for greater and more fruitful pur-
poses."

LLO YD'S SHIPPING.-(THIS DAY.)

LONDON, DEC. 28.—Wind this day at noon. Light
breeze from the eastward, and fine.
DEAL. DEC 25.--Wind N.N. W.. light. 27.—Wind
N.E. to E. S.E., moderate.— Sailed the John Bartlett,
Bartlett, for Sydney ; Coquette, Murray. Africa ; General
Wolfe, Allard, Demerara ; Renown, Hill, Havannah ;
Duke of Sussex, Jones, Port Adelaide ; Riga HavAnnab ;
Jane, Palmer, River Gambia.
PORT! MOUTH, DEC. 26,—Wind N.N. \V. 27.—Wind
E.N.E.—Sliled the Philadelphia, Stark, for New York ;
Worcester, Waugh, Madras and Calcutta ; and Rockliff,
Harrison, Ceylon.
DOVER, Dec. 2G.—Off port the Zephyr, Mayers, St.
Andrew's, New Brunswick.
Cowes, Dec. N.—Sailed the George Washington,
Smith, Batavia._

13ErtenAveN, Dec. 23,—Arrived the Wellington, Johns,
eLtie,,rsDhEucr.o2tia—ct.T2h6c,
forUntilioni; port,And
from Miramichi, with loss of bulwarks, sails, &c.
been heard of.
St.HPuAnderson, n,
has sailed a il
noted glace
HARWICH, DEC. 26 —Arrived the Maria, Ruyter, from
Trinidad ; Constitution, Arholn, New York.
LIVERPOOL, DEC. 97.—Wind S. E.—Arrived the Silks.
worth, Meidrum, from St. Petersburgh, with eight feet
water in her hold, having been on shore on Burbo Bank.
Sailed the Jean Baptiste, Giffin, for Monte Video; Feli.
city, M'Donald, Rio Janeiro; Rochdale, Tasker, and
Parker, Risian, Demerara; Reis Effendi, Cross, Monte
Video ; New England, Crocker, New Orleans; Admit-
tance, Smith, Boston ; Cherub, Whitley, Capede Verds ;
Unique, Clark, Alexandria
Ore Mizex HEAT), DEC. 25.—Margaret, Jackson, fron'

Demerara.
TORBAY, Dec. 25.—Sailed the City of Perth, Halli.
day, for Barbadoes.
PENZANCE, DEC. 25.—Off port, the Casimir, Beauvais
from Port au Prine,. The mast of a vessel, apparently's
smack, has been discovered about six feet above water
near the Lizard, about n mile off shore. A boom of abot
forty feet long was detached from it, with two or thre
blocks and two thimbles, marked " Squire, London."
ALDERNEY, DEC. 14.---A take of beeswax, weighir
about 50 lbs., marked " Harrison," was washed on she
yesterday.
Jessaa, DEC. 23 —Sailed the Judge Thompson, HaT
son, Rio Janeiro.
NEWPORT, DEC. 26.—Arrived the Economist, \Valle
Quebec, very leaky, and with loss of bulwarks, sails, &
SHIELDS, DEC. 2G.—Sailed the Edward Bilton, Pressl •
Calcutta.
WIIITrY, DEC. 25.—The Jupiter, Gale, in taking t
harbour got aground, but came off the following tide of
throwing part of her cargo (coals) overboard.

EVEN ING EDITION.

MONEY MARKET and CITY NEIN S.

(SATURDAY EirENING.)
TIMES.—The Trinity Bonds lately introduced into
the Money Market are issued under the authority of an
Act of Paaliameet, the 6th and 7th of William IV., " for
vesting lighthouses, lights, and seamarks on the coast of
England, in the corporation of the Trinity House," which
also enables that corporation to purchase them in all cases
where they are private property, so as gradually to place
under their control the whole of those important safeguards
to the navigation of the coast. As a large expenditure is
required to cover these operations, the bonds in question
are issued to represent them, and the security will be the
rents or tolls arising from the lighthouses, in addition,
of course, to the property of the corporation itself,
This must in itself be ample, but it should be under-
stood that there is no guarantee on the part of the Go-
l'ernment, though the bonds are countersigned by Govern-
ment Commissioners appointed for that purpose, probably
in order to prevent any under issue of them. They bear
interest at the rate of 4 per cent., and may be obtained, i'
is said, for any amount required, for a time certain and six
months'. notice afterwards, if repayment is desired by the
holders. Dividend warrants or coupons are attached in
the same manner as the foreign securities negotiated here ;
mad they ar ade payable to bearer, so as to be transferred
from one ha.. to another. No quotation has yet been made
•f them in the official lists of the Stock Exchange.
Private letters from San Sebastian, dated the 15th inst.,
mention some important concessions made, as far as Na-
varro is concerned, regarding the fueros. It is said that
the provincial Deputation has proposed, and that the Go
vernment has accepted the proposition, that custom-houses
shall be immediately established on the frontier of the Pyre-
nees ; that the proceeds of the daties there received shall go
tb liquidate the provincial debt due to Navarrese capitalists ;
tat the province shall engage to pay the Constitutional
Government in direct contributions, a sum amounting to
'4;600,000 reels, as a compensation for the amount of
Amite paid at the custom-houses; and that there shall be
two qualified ports in Guipuzcoa, namely, Passages and
B.hat Sebastian, whence they can import any sort of colo-
Uial produce. Letters received at San Sebastian from
/Madrid state that these propositions had been gladly ac-
cepted by the Government, although it could not profit by
th • produce of the whole of the duties ; and that the feel-
ing of justice with which it appreciated the efforts of the
deputation to liquidate the debt had everywhere exalted
the most favourable sentiments in its regard. The Never-
rese capitalists have not for a long time received any inter-
est on the sums which they advanced at various periods
for the construction of public works, and knew that with-
out some arrangement of the kind the prospect of liqui-
dation was as remote as ever. The Navarrese have, it
appears, always had a character for high honour and strict
integrity. The commercial men of San Sebastian were
rejoiced l' behold such a prospect.
Priva'„e letters received from Valencia of the 12th inst.,
statt, tit s% the year's export of raw silk, the produce of the
cl'n..ry, has exceeded 1,400,0001b5. weight, the average
Prl'ae of which may be put down at 13s. per lb. The
4r4ipments of Muscatel and Planta raisins have been large,
probably 190,000 quintals of 1101 b., the value of each, all
charges included, exceeds 14s. on board, so that these two
Articles al',ne absorb an amount equal to 1,043,100/. ster-
ling. The other produce exported thence is rice, in value
-about 200,000/., and almonds and figs, about 30,0001. TLe
Cere.an manufacturers take an annual supply of 400,00016.
.ght of its raw silk, the quality of some of which is very
f air, but other sorts are rather indifferent. It appears that
the farmers in the province have instituted a peculiar tri-
bunal, or board, of their own. fur the decisions, upon verbal
evidence, of all questions of encroachment on each other's
grounds, of supply uf water, and such other local grievan-
ces, and no appeal to a higher Court is tolerated, by
which means many ruinous lawsuits are avoided,
and the farmers live at peace with each other.
It has been proposed to form a company of Spanish capi-
talist`., only for the establisement of a railroad between
-4en, Felipe de Xativa and Valencia, only ten leagues' dia.
*lnce (all level ground), for the speedy conveyance of
passengers, as well as Ake rice, &c., to the shipping ken,.
The quantity annually imported of foreign salt fish gra-
dually falls off; and that of the present year cannot be
rawet beyond 36,000 quintals.
Private letters from Xeres, dated the Bth instant, men-
lion the quantity of sherry shipped for foreign ports from
the let of January to the 30th of November last, viz ,
16,2 fl butts from Xeres, 16,274 from Port St. Mary'-,
together 32,3.5.5 butts, valued at 912,0001., besides the
sh pnients usually made through Chiclana, Rota, Puerta
Real, and Moguer, reckoned at 8,000 butts more, cr
144 000/. The Spanish Government has made an offer,
thu rate of $7O per quintal, for four years' contract, for
the silver of toe Almeida mines, which may be estimated
at 17,000 quintals. A plan for a railroad between An•
tepfere arid Seville had been submitted to the Govern-
ment, by which paseengets proceeding to Malaga would he
spared the delay of crossing the strait of Gibraltar.

`CHRONICLE,—The position of the Bank of Esgla
Sttracts general attention, and the object of every person
connected with monetary transactions is to ascertain ths
IsnntsishNs nvantions of the Directors in regard to taeir
rastons tot the circulation. The limited amount of the but.
1"i held against the unfavourable exchanges
Ew-r**.sions apprehensions that they must adopt more scrim.
rant measures. This posture of affairs produces no sms.l
egree of anxiety, and the approaching dividends, by
increasing tee issues of the Bank, must add to thi it
.ethisstrassenent. The constant incertitude thus treatsd
treads to a general conclusion that there must be
tern:thing radically unsound in the existing systen
.uttdee which l'ae nat'onal currency is reguisted. We
Wave shown that whde the bullion and coin now en
),and to :3,300,0001. below the amount requir d
by the asowed principles of mansgement, the e. -
ertritirss are 6,800,0001. over the due proporticee
The. public consplain loudly, and with great jusiir
that they art exposed to the most dari;lercus os-
'eerses in their commercial dealings by the fliquent con-
Itactions and expansions to which they are exposed by th,?
sudden oscillations in the circulating medium, created by
the labouring of the Bank to preserve their stabilit....
Tee incompatibility of the private and public functions. el
the Bank, and the discrepancy between tae duty of tits
Directors to the Sharee oeiers and the country, are thus
brought prominently lot ‘tard, and a general demand Es
made for relief from legislative interference. The ey
of the nation will be turned with deep attention to t, e
proceedings of the Committee on Banks of Issue when
Parliament reassembles, as tse source from whence the re-
medy is naturally expectinS to emanate. Many people in.
the City, who have. made the "currency" the suhject
their attention, already express themselves strongly
favour of a fixed amount cf Gcnernment paper mousy,
issued and managed by a board appointed by the
Crown. The chief objectina urged against that plan
is the apprehension that the Commissioners might be
used as political instruments in the hands of an
it -
triguing Minister ; but the question is whetle.a•
ttist risk is not much less liable to operate in
isrieusty on the I,utic interests than the evils
which they experience under the present s_s 5-
teas, or would 3ufEt under any other that has yet
been proposed. Fe.v persons, we should think, not per-
sonally interested, would seriously support the project of
allowing banks of issue to bit controlled by no other limit
lb:3 that of free competition, and long experience has
prayed that the Bank of England, as at present consti-
tuted, is not competent to the task of being the manage; s
ot the currency. The public will soon come to discrimi-
nate uetween the right of private parties to coin money
and to carry on the trade of banking on sound commercial
principles. It is from a want of attention to the broad
line of demarcation which separates these important func-
tions that the public mind is now in error, but it will
lint be very long before they perceive their mistake. The
right of coining money is clearly vested in the Crown, and
ssonld only be used under special delegation to the re-
sponsible Ministers. The right of issuing notes by third
parties, controlled by no other shackles than that of pru-
dence against profit, is liable to be abused, and the past
history ot,banking, shows that it has frequently led to cases
of gross misconduct. At the commencement of business
this morning, the English Funds assumed a firmer aspect.

POST.—The intimation contained in Friday's pap, r,
respecting the raising of a loan by the Corporation of the
Trinity House, has led to much discussion and inquiry
upon the subject on the part of our moneyed men. It is
stated that the corporation in question, being anxious to
effect a reduction in the charge to which they are subject
on loans obtained at former periods, are in the market for
a million and a half er two millions more, on which they
propose giving an interest of 4 per cent. per annum.
Without some such explanation as this it might be thought
singular that a company so notoriously wealthy as the Tri-
nity Corporation should again become borrowers. It is
mentioned further, however, that they are in need of funds
for the construction of lighthouses, and other works, in
contemplation and in progress, on various parts of the
coast, a dock, or harbour, at Deal being included in the
number. We have already said that the term for which
the present loan is contracted is understood to extend to
seven years. We believe we may add, that the redemp-
tton of the principal is subject to six months' notice.
A call for money of this legitimate description must
prove a relief to many capitalists who have surplus funds
to invest, arising from the forthcoming payment of the
heavy dividend, and similar interests accruing to them at
the beginning of the year ; and, although some persons
may consider the Trinity House loan ill timed, there are
others who are of a directly opposite opinion. Brought,
as it is, into competition with the numerous foreign loans
in the course of negotiation, it will have the effect, at all
events partially, by a temporary absorption of capital, of
arresting the
drain of gold, and discouraging the con-
tracting firms interested in the latter in the prosecution of
their injurious undertakings.
At the meeting of the Committee of Portuguese Bond-
holders held this morning it was resolved that a public
meeting, to consider the late decree of the Portuguese
Government, should be called for the 6th of January. The
conduct of certain contracting houses was severely com-
mented upon at the meeting of the 21st instant at the
London Tavern ; and again upon this occasion the lame
freedom of remark was indulged in, the financial depreda-
tions of both the Peninsular States being once more
brought under review. The zeal evinced in the first in-
stance in concluding contracts, and the apathy subsequently
betrayed in seeing to the honest fulfilment of the same,
were allowed to present an example of selfishness not to
have been expected from parties of any standing in
a great mercantile community like that of (the city of
London. Foreign loan projects could never in any
case have been carried through but for the co-operation
of those who were disposed to place confidence in
the parties charged with the execution of them.
They, however, came forward with their money in the
fullest assurance that the fidelity of the contractors to
their trust, and their determination to do justice to each of
and all their principals, might be depended upon. The
amount of commission and premium stipulated for was pro-
bably not made a subject of inquiry. The character of
the house treated with was all that the subscribers lookod
to, and in this was supposed to reside an ample guarantee
aad the equitable discharge of every obliga-
for fair-play,
tion connected with these matters so deeply affecting their
interests. It had never occurred to the minds of unsus-
pecting people that individuals could be intent only on the