The Sun.
London, England, 1841-06-24 00:00:00

MONEY MARKET and CITY NEWS.

FROM THE MORNIni PAPtAS OF YESTERDAY.
CHRONICLE,--We only express the opinions entertained
very generally by the friends of fret 'tilde When 'W,e say that,
instead of merely reach*. the ditty on foreign timber from
21. 15s. to 21. 10s: 'pet lead, and increasing it from 10s. to 20s.
on Canada tilUber, the better and sounder policy would be ttt
'teem the duty as it now stands on the latter Lt 10s., and to re-
duce the duty en foreign timber to 40e. per load. By this altera-
tion the British shipowners and the phblie at large would
really reap the benefit by an efficient Mitatioh in the price
of the best timber, while the test Of the inferior article would
net be inhatreed for fiscal purposes, and the Canada lumber
then Wokild thlls be deprived of every thing like reiksOilable
aeose of opposition to the measure. '1 he difihfentia dtitysiould
still be kept at 305., and theinertiat ofcenSiimption which Might
be reasonably expected om the diminntion in the priee of
tic timber would product as ms eh, if not i 4reatei lillpiove-
ment in the revenue thin is likely t 5 ensue from the plan
originally peepes'ed iit the Ministerial budget. Mr. M'Gregor
said that by teltering the duties or equalizing them, the it'W-
Venlie derived from timber mit'ht be habit:Ad cram
1,603,194/. to 2,500,0001., or Sep. He afterwards ex
plained his views to be that the ditty ott all colonial
timber, with the exception of ship-building Amber: §bmila
be 10s. for 50 table feet et tireasintsn ietit, • including
deals and staves, adding 5 per cent. on the deals
and staves for revenue, as being partly Manufactures.
and tts loNVer the duty on foreign timber to 16: 10e. !lilt
that he considered that the best, but the best only that totild
be done under the existing !system. He " *Ala prefer
6d. per load on colonial, and 225. tids open fst,reigit
He seems to have been aerate, 1010-ever; that this is more than
could be expetted tinder the existing system, and we presume
he Would he content at present with 10s. on colonial, and 40s.
npott foreign timber. Under the proposed change to 20si and
sos., the Chancellor of the Exchequer caltlllated 'on an increase
of 600,0001. only, and w 5 cannot doubt ha *Mild get
as much, if not more than that, by taking 10s. and 40t. at bit
standard of alteration-. Let that 'course be adapted, and the
British tonnage will seen bie drelble What that tonnage is at
present. The trade a ship building will revive, and ship-car-
penters will be in full employ. If the 10s. and 40s. duties be
adopted, the Canada clique must be effectually allentsel
POST.—Business was transacted in the course hf the mhrn,
ing for the first transfer, which may he made, upon the pay-
ment of the ordinary ticket-fee of half-a-crown, on er about the
6th proXimo ; but no operations of this Sort) though they are
strictly legitimate, are to be Pound quoted in the official lists.
We have a quotations of Consols for Money at 90h, which the
Chronicle, who comes to the rescue of the Committee of the
Stock Exchange, will, we suppose, consider a fair and
reasonable price, although in the course of about a fortnight
these will be a dividend of lh per cent. accruing to the buyer.
Adding this lh
.per cent. to the value quoted for the same
stock at the opening, ex. dividend (89k), the seller is entitled
to 91, less the few days' interest and a fraction of allowance
(h) per cent. would be quite sufficient, especially in
the improving state of the market. The jobber has,
however, been all along quietly pocketing per cent.
till to-day, when he would appear to have abated
his preten:ions to h. Our remarks on the system may be as-
sumed, therefore, to have been attended with some trifling
benefit to the public. If the irregular transactions during the
close of the transfer books are proceeding as the money quo-
tation for Consols would denote, but respecting which
we are, for the reasons already assigned, extremely
sceptical, the clerks of the Bank are very unfairly
treated. The preparation of the dividend warrants must
bte by this time in a state of great forwardness, nor can we
a
all believe that the Governor, to oblige anybody, till suffer
theaegoeoeusnts of individuals to be further disturbed. The Chro-
nicleextraordinary lengths in his support of the proceed-
ings of the Committee. He deems their explanations fait:
and natural," but leaves out of view the more vital
points connected with them, as he does all that is
essential to a just consideration of the Corn and Cur-
rency question, and many other questions, upon
which he undertakes to dilate. To say that the conduct' of the
Committee is wise and proper, dud that their' two explanations
harmonize one with the other, intrhe face ofproof the Wiest po -
sitive of the contrary, is, to be sure, a cool and comfortable