The Sun.
London, England, 1841-10-13 00:00:00

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PRICE 5(1

MONEY MARKET and CITY NEWS.
ei4faa FEOII THE MORNING PAPERS OF THIS DAY.
TlMES.—There were none of those current rumours
to affect or disturb the market which were so rife yester-
day, and which were in such singular conflict with each
other, although at the same time they all combined in
producing an unfavourable effect. Among the members
of the Stock Exchange who are supposed to have been
affected by the sudden depreciation of the vari-
ous Securities, business as regards the public having been
:fat of late, there was more confidence, and the result of
;t has been,-it is thought, anticipated by the two failures,
which have already occurred. That many will have to
undergo a severe trial in the arrangement of their ac-
counts there can be no doubt, for the demand for money,
should not the payment of the dividends meanwhile in-
, duence it, will increase the more rapidly as the settle-
ments approximate so nearly to each other.. The settle-
:nents themselves will be the true index of the state of
the Market.
Correspondents who have written on the subject of
the tea trade and the speculation connected with it, all
agree that it bears a 'peculiar aspect, for notwith-
standing the exports from China for the season have
been so large as to allow 18,000,0001 b. more of tea to be
ridded to the pressnt stock, including the ships that have
Arrived with cargoes within the last two or three days,
still the symptoms of the increase of speculation are for
the rise. Many of the leading members of the trade
were of opinion that this great increase of our stock
would be sufficient to lower price; which seems really
to be the sound common-sense view of the question; but,
nevertheless, there has been no rEaction to the ex-
tent that was commonly anticipated on the receipt
of this intelligence from China. The fluctuations
that first took place on Wednesday morning last, on
the appearance of our telegraphic despatch, caused a
fall of 3d. per lb., is. Bd. being the lowest point, but
they subsequently rallied a trifle. On the following
day, when the contents of the despatch appeared in full,
Company's Congous, the " Tea Consols,' soddenly ran
up to 25., but again receded to Is. lid. Since then
prices have fluctuated between Is. 9d. and Is. 10d. A
correspondent, who is alive to the movements of the
market, declares the present state to be wholly artifii-
cial, kept up by interested parties, with a view to mo-
nopolise and preserve the article at a dear rate to the
public. It will not be at all astonishing should a down-
lid among the speculators of this class take place, equal
to that -which has been experienced within the last few
days in the Stock -and Tallow Markets. In the mean
time, those who cannot well bear the brunt of such
I•ovtlsions. should fortify themselves, if they are not
altogether able to avoid them, by withdrawing from
their circle.. •

POST.—The English Funds did not maintain their
opening value' to-day by about + per cent., but there has
been less excitement than was the case yesterday and
on Saturday; which leads to the belief that some difficult
accounts have been arranged, and that the market will
now gradually recover its former tone. At all events,
the symptoms of an ab3olute panic which were in the
first instance abroad are no longer perceptible. Money
for Stock Exchange objects continues scarce. We hear
of as muzh as ten per cent. interest having seen given,
for short periods, even on the deposit of Consols, though,
in a general way, the rates may be said to have ranged
between seven and tea per cent.
A case, connected with one of the failures noticed
yesterday, has been submitted to the Committee of the
Stock Exchange. It appears that the principal of the
broker alluded to, and for whom large sales had been
effected, but who is in possession of the stock, has under-
taken on the names of the purchasers being given up to
him to deliver the same himself. The creditors of the
insolvent broker object to this mode of proceeding, but
we do not see how the Committee can in reason interfere.
The advices from Brazil are deemed more cheering,
with regard to the mining operations in that part of the
world; each account by the last three packets having
exceeded the preceding one in point of importance. The
latest despatch of all from the Cocaes mines observes
that, after an unsuccessful search of eight years, two
valuable gold veins have been discovered. Such an an-
nouncement, at the end of so much unprofitable toil, is
certainly very gratifying.
The principal of the Portuguese failures to which we
alluded yesterday was
.that of Mr. M. J. Soares. The
houSe had the 'London agency of the Bank of Lisbon,
and was at one period in the enjoyment of a high degree
of credit. The assets immediately available are said to
reach 50 per cent, of the liabilities. It is added that
there are, moreover, Luportant dependencies abroad out of
which a further sum will be realised in diminution of the
general claims on the estate. A failure at Hamburgh
that was talked of has probably not taken place, though
enough has been made known to warrant the apprehen-
sion of such an event.

CHI ONICE,I4I—We have lately remarked that the
Bank of England is again placed in a position of
difficulty from the deficiency of the last harvest.
We say the last harvest ; but perhaps it would
be more in accordance with fact to say the pre-
, sent harvest, for it is by no means concluded yet in
the United Kingdom ; and we regret to add, that the
opinions we have previously expressed as to the short
coming of the yield, both in quantity and quality, are
now fully borne out. The monthly circular of the
Messrs. Sturge states that " the winding up of the har-
vest " in England " is exceedingly unfavourable," and
" that the crop will not only be very deficient in quan-
tity, but also very inferior in quality." Under these
circumstances the pricy of good wheat is rising in the
fact of an Lupo: tation of 1,950,000 quarters, and large
importations will be again called for in the spring. The
extent of the further supplies is not spoken of with
great precision in the meantime ; but the lowest com-
putation is 1,000,000 of quarters, and, in all probability,
we shall hare 2,000,000 of foreign corn imported, as be-
tween October, 1841, and the crop of 1842. Now, in
October, 1838, after the result of the deficient natuze of
that year's crop was ascertained, the Bank of England
stood thus :

Circulation. Deposits. Bullion.
At Oat. 16, 1838, £19,359,000 £9,327,000 £9,437,000
At Sept. 14,1841, 17,481,000 8,052,000 4,975,000

Difference X1,878,000 X 1,275,000 £4,462,000
So that the Bank has little more than half the same
amount of gold now as in October, 1838 ; while there
is a very material diminution in the deposits. Looking
at these plain facts and figures, and to the prospect of
extensive orders for foreign corn in the spring, it cannot
but be clear to every one that the position of the Bank
of England is by no means satisfactory. It was not
until the month of March, 1839, that the bullion was
sensibly diminished after the bad harvest of 1838 ; and
it is in accordance with precedence and probability that
a similar demand for gold will be experienced in the
spring of 1842. 'Unless the gold and deposits re-
ceive a very great increase during the winter months,
the Bank could not resist a drain similar to that
which took place in. 1839 for more than eight or ten
weeks ; and thus we see that while on the one hand the
Bank in self-preservation is compelled to keep on the
" screw" upon the currency and to keep money tight,
the establishment itself, on the other hand, is exposed
to imminent risk of bankruptcy by the existing Corn-
lawsof_
at the approach of every harvest. The health
the institution has been seriously damaged in conse-
quence,l
restore her former stability and power. It is not the
and nothing but a repeal of theselaw.so
serious diminution of her bullion only that
at
alsotie
oflnjudrey
has been indicted, but in the withdrawal _
posits, which
In September, 1838, were , .£10,040,000
In November, 1838, only 8,909,000
In April, 1839
In November, 1839
In December, 1839
In December, 1840
and even now they were last stated only at 8,052,000/.
The Bank of England, and consequently public credit,
the trade, the enterprise, and commerce of the country,
have all alike been crippled and enfeebled by the opera-
tions of this tax on food. •
HERALD.—It is strongly reported in the higher
circles in the City connected. with East Indian affairs that
to-morrow is the aay when a formal communication will
be made to the two chairs, as the chairman and deputy-
chnirtnan of the Board of Directors, are designated in
familiar parlance, of the intentions of the Government
in
the regard to theof future government of India, so far as
nomination a new Governor-General to relieve
Lord Auckland. It will be learned with some surprise,
perhaps, that, according to the report in circulation, and
believed to rest on good foundation, the Noble President
of the Board of Control, Lord Ellenborough himself, is
bs on their
impropert
ies rs
er
services
cfitecosa
to be presented for a.pproval to the Board of Direc:ors,
roonmo f
thisth c
enocimmitnyatitooninwdiilal forthwith.lt m a may
notatrnadn,
add, however, thatr in the City this
reported appointment does not meet with so much
favour as might be desired. Not, indeed, that the
ability of his Lordship is doubted, and assuredly in
that respect nothing can be more favourable fur him
than the opportunity- of contrast with a predecessor
not
peculiarly gifted that way, but usually reckoned a
rather lieevy and quiet personage, however otherwise
respectable in a more private capacity. But there is a
lurking fear that the
meekness and moderation of Lord
Ellenborough may not be equally conspicuous in his re-
ported elevation as in his present post. The distance of
his sphere of action necessarily frees a Governor-General
to a great extent from the direct control to which in any
department of the Government at home he would be
amenable, and the ambition of playing a great part in
an empire so vast, and among tributary or rival princes
equal to great European Sovereigns in the extenttheir.
territory, and the number of their subject of
populations,
has heretofore dazzled and led astray men otherwise of
strong minds and acknowledged capacity, equally with
such moderately-qualified functionariesas Lord Auck-
and less lofty
land, from whom therefore more
ave
modesty
been looked for.
aspirations might reasonably
l
India is now in
au
that state of
dwithdrawal so fax as
lexhaustion and financial
embarrassment that repose,
practicable within the limits of the Indus at least,
means should be considered and men adopted for the end, as
of imperionts necessity. In case of Lord Ellenborough's
king place Lord Vesey Fitzgerald is, as
raqb LT N.—Th e extraordinary symptoms of distrust exhi-
ooritnr to be President of the Board of Control.
exhi-
bited in the Stock Exchange for the last clay or two, begin
to subside a little; but as yet, we regret to say, no decided
change for the better has occurred. The next adviees
from Madrid are looked for with uncommon anxiety, as