The Sun.
London, England, 1841-09-07 00:00:00

S 1 T of the PUBLIC JOURNALS.

FROM THE DAILY PAPERS OF YESTERDAY.

GLOBE.—Though the Liberal c,:use has sustained
" a heavy blow," it ought not to be felt as " a great
cre discourament" to those who are desirous of seeing the
standard of Reform eventually triumphant over the
temporarily ascendant bannzr of monopoly. There is
no doubt that ten years of almost undisturbed posses-
sion of office by the Whig party had induced a
feeling of security on the part of its members that
gave a check to that activity which is the condition
on which strength is continued to the intellectual as well
as the physical attributes of man ; and as an excess of
violent action has often led to the exhaustion of the
progressive power of Reform, it is certain that in this
country too much repose has led, within the last few
years, to enfeeblement. But the weakness that has
given to the enemy the opportunity of achieving a tem-
porary triumph needs only to be known and acknow-
ledged, in order to be shaken off, and what apathy has
lost will soon be retrieved by well-directed energy.
Those who to the last have led the ranks of the Libe-
rals, and whose courage has rather risen with, than been
damped by, the reverse they have sustained, are still at
their posts, and it remains with public opinion to
assist them in regaining the ground that has been
lost, which is the only reparation that can be made
for the apathy that left them without adequate
support in the struggle, throughout which they
boldly contested every inch that fell into the hands
of the enemy. " A vigilant and virtuous opposition,"
the Times of this morning declares to be "an important
auxiliary to the rectitude of British councils," and of
course, therefore, a powerful barrier to any wrong de-
signs that may be entertained by the new Govern-
ment. The "vigilance" of the Liberal opposition must
be such as to allow no official error to elude detection ;
its "virtue" must be so stern and inflexible as to
suffer no attack on the public welfare to escape the
ignominy that ought to attach to it. The Tories have
asked for a " fair trial," and in fairness it must not be
denied to them. The veriest thief, who has been con-
victed at the Old Bailey over and over again, will be sure
of a fair trial whenever he presents himself to the tribu-
nal of his country ; and surely what is nut refused to the
commonest of culprits, ought to be readily granted to the
Conservatives.

STANDARD.—In Oldham the cotton trade conti-
nues dull, with which the diminished demand for
muslins may have something to do, and profits upon all
sorts of power-loom cloths are low, for reasons which
Mr. Fielden has explained, and which we may ex-
plain shortly by saying that there are ninety-one
power-loom mills in Oldham, which, albeit the
number ninety-one is entitled to all veneration
when it makes a Parliamentary majority, may
be rather too many power-loom, mills for a
town of no great magnitude—it appears to be
at Oldham 14 too many. If men will go on multiplying
power-loom mills at such a rate, they must expect profits
to diminish. The main consideration is, however, the
current of manufactures generally ; and it is plain that
the direction of the current is to improvement. In nine
out of eleven reports the improvement is acknowledged,
though in a reluctant niggard spirit, which proves that
the truth would be concealed if it were possible to con-
ceal it; of the other two places reported nothing worse
than the ahsence of improvement is asserted. Things,
then, are not so bad. as we were told they would be.
Non regredi est progredi ; even if manufactures were
stationary, we need not be in despair ; but
they are not stationary—they are improving—and
we are entitled to claim the improvement as the
first fruits of Conservative Government, which,
at home as well as abroad, thus early extends its
beneficial influence. To what is the improvement
owing if not to Conservative government ? It may
be said that the favourable change in the weather has
given promise of an abundant harvest, and in this way sti-
mulated the hopes of the manufacturer. We are not dis-
posed to dispute this satisfactory testimony to the import-
ance of the home market. We are well aware that the more
corn bought at home, and the less bought abroad, the
better for manufacturers ; but it would be going too
fast to assume, that the prospect, still to some extent
uncertain, of a favourable harvest, has already operated
in the manufacturing districts. No, it is not the
prospect of anything, but the actual possession of a
wise and patriotic Government, the guarantee of many
good prospects, th.tt imparts the universal confidence,
which is the very element of industry in every de-
partment.

MONEY MARKET and CITY NEWS.

(FROM THE MORNING PAPERS OF YESTERDAY.)
CHRONICLE.—The news from China, brought by
the Overland Mail, has produced a farther fall in teas of
2id. per lb. The details received by this conveyance
show that the Emperor had received the accounts of the
fall of the Bogue Forts in great wrath, and had ordered
Keshan, who seems to have been the organ of communi-
cation, to be cut through the middle ; but there are no
grounds for supposing that the tea crops had been de-
stroyed. On the contrary, it appears, beyond all ques-
tion, that the judicious diplomacy of Captain Elliot, her
Majesty's much abused plenipotentiary, had been attend-
ed with success in keeping open the trade, and that no
'less than about 20,000,000 lbs. of tea have, in all proba-
bility, been despatched from Canton. 11,000,000
pounds had actually been despatched before the
18th of May, and it was supposed that nearly as
much more would be obtained by the end of that
month. Captain Elliot has thus succeeded in one
of the great objects of his negotiations, and accom
plished a benefit of the most important character to the
English merchants and to the British public ; not only
so, but he has also been the means of supporting a most
important branch of the public revenue, nearly 4,000,000/.
sterling, which was placed in imminent peril, and which
nothing but great caution and knowledge of the Chinese
character could have preserved from destruction. The
barbarous order for the death of Keshen proves that
Captain Elliot was not mistaken in placing reliance
upon the sincerity of that high officer of the empire.
The treaty of the 20th of March has been maintained,
by which the tea trade has been kept open, by accom-
plishing which Captain Elliot has placed the British
public under a heavy debt of gratitude to him. The
humane and generous course of forbearance he has
pursued in dealing with the Chinese cannot fail to
have weight with the natives, and must tend to im-
press them with respect for the British name, and a
wish to extend commercial intercourse with this country.
By the Arab, just arrived from Van 1. ieman's Land,
very satisfactory accounts have been received of the
extensive property belonging to the Van Dieman's Land
Agricultural Company. The improved breeds of sheep
and cattle the Company possess have been of the utmost
consequence to the settlers, and high prices have been
given for such stock as the Company's agents occasion-
ally dispose of. There has been a great increase of their
flocks, and a considerable extent of acres is now arable,
and competition is going on for leases of portions of their'
property in farms. The forests of timber on the Com-
pany's estate are becoming valuable, and it is expected
that much and rich mineral property will speedily be
evolved.

TIMES.—The 4th of the.month falling on Saturday,
the discount houses have been more than ordinarily oc-
cupied, since besides the double amount of business
which occurs every Saturday, the great mass of mercan-
tilet paper became due to-day, and was met, under all
ircumstances, with becoming promptitude. The rate
of discount is about 41 to 5 per cent.
The accounts from Liverpool to-day state that the sus-
pended firm of Messrs. Anderson, Garrow, and Co., re-
sumed payments yesterday.

A co-rniiarison of the prices of foreign grain with the
English market having been requested, the following is
subjoined :
" The highest quotation of white wheat of the first
quality at Hamburg is 154 rix dollars the last, which
answers to 50s. sd. the quarter. The highest quotation
of wheat of the first quality in London is 82s. the quar-
ter. It appears therefore that wheat is 62i per cent.
dearer in London than at Hamburg, and that with the
sum of 41. 2s. a man may buy 13 bushels of wheat at
Hamburg, whereas with the same sum he can only buy
8 bushels in London.

" The highest quotation of Zealand white wheat of
the first quality at Amsterdam is 340 florins the last,
which is equal to 545. 10d. the quarter ; and the price of
white wheat of the first quality in London being 82s.
the quarter, it follows that wheat is 49} per cent, dearer
in London than at Amsterdam.
" The highest quotation of wheat of the first quality
at 'Stettin is 79 dollars current the wispel of 24 scheffels,
which is equal to 535. 9d. the quarter ; and the highest
quotation of wheat in London being 82s. the quarter, it
follows that wheat is 52i per cent. dearer in London
that at Stettin.

" The mean or average of the prices of wheat of the
first quality at Hamburgh, Amsterdam, and Stettin, is
53 s . the quarter ; and the price of wheat of the first
quality in London being 82s. the quarter, it follows that
the price in London is 54,1 per cent. higher than the
average price of the three above-mentioned places."
It is understood in the City that a contract has been
entered into in this country for the supply of 3,000 good
cavalry horses to the French Government, part of which
will be shipped for Calais in the course of the present
week. The price paid is about 361. each.
POST.—The English Stocks have presented a very
heavy
appearance to-day owing to the continued scar-
city of money, which has, been obtainable at not less
than the rate of six per cent. The late announcement
of failures in the manufacturing districts has contributed
greatly to increase tightness of the market, combined
with the preparations necessarily made to meet engage-
ments coming due on this day (the 4th of the month),
which has passed off
addition to the late commercial embarrassments.
A rise of two or three per cent. has within the last
Place few days takenextremely well, and without any
in the value of. Spanish Activo
Stock. The quotation, at one moment, was within
a fraction of 23, no great price it will be allowed
for a five per cent, security, with six years' interest
due upon it ; but, low as was that quotation, it has
not been sustained, for the simple, the very intelli-
gible reason, that, although a conversion of the
overdue Coupons has been greatly talked of, and
may possibly be carried into effect, the Treasury
department at Madrid' is notoriously in confusion,
and that, whatever measure may have been determined
upon for the relief of the foreign creditor, there is no
confidence in the continuous payment of dividends even
on dividends that have accrued.
We are glad to see by
some letters which have recently appeared in the papers,
that the different classes of Spanish creditors are be-
ginning to look with a just discrimination to their own
peculiar grievances. The Committee, led by Mr. Thorn-
ton, are bound to uphold a legitimate
principle, and to
exert themselves for each and every portion of them, not
losing sight of the laws and decrees appertaining to the
respective contracts. It is gratifying to perceive, that
two years' dividends, out of the four years accrued, are
at last about to be paid to the indemnity bondholders.
This approach to something like a fair appreciation of
what is due, has given an increased value to the Bonds.
which are quoted 55 to 60 per cent,
Portuguese Stock is heavy. People are shy of in-