The Sun.
London, England, 1841-06-10 00:00:00

• honesty and reputation for the whole life of a public
man. As the first of the press to draw attention to his
political and party delinquencies, we may more be-
comingly take this occasion to express our respect for
the private, and, with marked exceptions, the public
character also of Mr. Handley ; but we must also warn
him that, as one of the Members for Lincolnshire, he is
destined to take his leave of public life. From an intimate
personal acquaintance among several warm friends and
supporters in his. part of that county—if we may be al-
lowed to speak in person in the matter—zealous Whigs_
too, like himself, we can •venture to assure him that la
sits for the parts of Kesteven and Holland for the last
time, for even by his own friends he is abandoned.
STANDARD.—Some conversation on the Corn-laws
occurred in the House of Lords last night ; it presented
little novelty, but that little was characteristic of the
ignorance which prevails upon the subject, even in
quarters where one Would least expect to find it. Lord
Cloncurry mentioned, in proof of the ill effect of the
Corn-laws, that high prices in Ireland were generally
accompanied by a low rate of wages. Now, Lord
Cloncurry ought to know something of Ireland, and he
must be, therefore, aware that the Corn-laws have,
and can have, none but a beneficial influence upon that
country. Ireland imports no corn, and exports little or
no manufactured goods beyond the precincts of the em•
pire : so that the pretence of reasoning whict has
been set up against the Corn-laws as to their effect
upon Great Britain cannot apply to her. The only way
in which the Corn-laws can possibly affect Ireland is
by giving a preference to Irish corn in the British
market ; we challenge-Lord Cloncurry to contradict this
proposition. The phenomenon upon which the Noble
Lord relies, as far as such a phenomenon exists, may be
easily explained. In Ireland the price of corn can rise
only in consequence of a. deficient harvest.; but in Ire-
litud thelmaiority of farmers are mere labourers also, and
the prodttge of each man's farm,"in average years,
barely suffices to support his family and pay his
rent. This being nearly universally the case, it
happens of necessity, that in unfavourable years
the Irish labourer-fitrmer must look to some ex-
traordinary resource to provide his rent and .feed
his wife and children, and his only resource is
labour ; thus the labour market is over supplied, and
wages of course fall. If Lord Cloncurry's argument
prove anything, it is that the protection of agriculture is
insufficient, not that it can be dispensed with ; for were
our s ports thrown open to foreign corn, some of it
raised as near to the great markets for grain as Ireland,
the Irish farmer would have no price for his corn—all
must become mere labourers or perish, and wages would
decline to something below what we can venture to tame,
and all this, as we shall to-morrow show, to reduce the
four pound loaf by something less than one farthing in
price.

MONEY MARKET and CITY NEWS.

FROM THE MORNING PAPERS OF YESTERDAY.
TIMES.—The premium on gold at Paris is 10 per mine,
which, at the English Mint price of 31. 17s. 10id. per ounce
for standard gold, gives an exchange of 25. 40, and the ex-
change at Paris on London at short being 25. 3741, it follows
that gold is 0.10 per cent. dearer in Paris than in London.
By advices from Hamburgh the price of gold is 429} per
mark, which, at the English Mint price of 3/. 17s. 101,0. per
ounce for standard gold, gives an exchange of 13. 7,i, and the
exchange at Hamburgh on London at short being 13. 71, it
follows that gold is 0.23 per cent. dearer in London than in
Hamburgh.
The course of exchange at New York on London is 10724
per cent., and the par of exchange between England and
America being 109 23-40 per cent., it follows that the ex-
change is 1.83 per cent. against England. But the quoted
exchange at New York being for bills at 60 days' sight, the
interest must be deducted from the above difference.

Business in general was languid at the-Stock-Exchange
to-day, and the announced dissolution did not effect any de-
scription of security. This is accounted for by those who
clo-ely watched the course of such matters, as arising from the
extreme caution displayed by the speculators, who have of late
appeared anxious carefully to avoid any business that might,
from one cause or other, operate to their disadvantage. This
particular class of dealers have looked with extreme doubt
upon our foreign policy, and, since events in connection with
it might produce an action contrary to that resulting from
proceedings at home, they have thought it prudent to abstain
from entering into the business usually transacted upon such
occasions. If speculative business has been done upon the
prospect of a dissolution it was done some time since, and the
principal of it cleared on the last settlement. Money to-day
was full 5 per cent. for short periods, but there was no great
demand fur it.

Private letters from Rio Janeiro of the 28th of March have
arrived, and it is understood that there are also dates to the
17th of April, both of which agree as to the change of Minis-
try having taken place on the 22d of March. The new
Cabinet gave general satisfaction, and consisted of Senor
Oliveira Coutinho, as Minister of Foreign Relations; Senor
Miguel du Pin Almeida, as Minister of Finance ; Senor Cle-
mente Pereira, as Minister of War ; Senor Bernardo de Souza
Soares, as Minister of Justice; Marquez of Paruagua, as Min-
ister of Marine; and Senor Candido Jose de Araujo Viana, as
Minister for Home Affairs. The exchange on England was
firmer at 301,2 d., and the stock 741/2. The exchange we
quoted yesterday from the papers of the 19th of March as
31 %d. to 1/2d., but letters of that date which we have seen to-
day quote it as 301 d. to id.
No time seems to be lost in carrying out the suggestions of
the Committee on banks of issue contained in their report,
which was noticed yesterday, and which recommended the
passing of a Bill "without delay." By the Bill brought in by
Mr. Charles Wood, the Chancellor of the Exchequer, and Sir
R. Peel, it is provided that after the Ist of July all corporations
and copartnerships carrying on banking business under the
provisions of the Act passed in the 7th of George IV.' and all
other persons carrying on banking business in England
and Wales, and issuing notes payable on demand, and
all corporations and persons carrying on such business
and issuing such notes in Scotland and Ireland, be-
sides the Governor and Company of the Bank of Ireland, shall
keep accounts of the amount of notes in circulation at the close
of business in each week, and at the end of every month make
up an average of the monthly circulation from such weekly
account, and within seven days after the Ist of every month
return the monthly account verified on oath or affirmation, to
the Stamp-office, under a penalty in case of default of 506
From the accounts thus rendered, and the accounts rendered
by the Bank of England, an account is to be made up every
month, and published in the London Gazette, of the aggre-
gate amount of promissory notes payable on demand distin-
guished into classes,
From the notice published by Messrs. Laffitte and Co. in the
Gazette de France, it appears that great caution is exercised in
advancing the money required by the Texan Government. An
article is substituted for the 9th article which formerly stood
in the contract, and is to the effect, that from the produce of the
loan only 50 per cent. shall be paid to Texas, and that a de-
duction of 6 per cent. for the first year's interest shall be made.,
The remaining 25 per c. nt. will be held by Messrs. Laffitte at
4 per cent. as a security, not to be paid to the Texan Go-
vernment until a quarter of the loan, together with interest,
shall have been redeemed. The subscriptions are not to be
considered complete until a quarter of the loan is made up, till
when Messrs. Laffitte are to hold them at an interest of no
more than 4 per cent.
With respect to the difficulties put in the way of the foreign
creditors of Hammersley's bank by the Court of Chancery, it
appears by a letter from a correspondent that the rumours on
this subject were but too true, and that for every new dividend
a new power of attorney will be required. If this is really the
case, which now there seems no reason to doubt, there is
every probability that a large sum of money will be unclaimed
altogether, for the dividends that follow the one of 10s. will
he small in amount, and from the nature of Hammersley's
business the foreign creditors will be a considerable body. And
it must be remembered that the costs of a power are not the
only expense, but are preceded by costs of proof which every
other creditor, whether he appears personally or not, has to
pay ; for he is required to attend with a solicitor, and
a Chancery proof is not made free of expense, like those
against a bankrupt's estate. Our correspondent's letter en-
closes a solicitor's 'Bill, which by no means represents
the extreme case, as the power, in the instance to which it
refers, was executed in this country. The costs of the power
are set down at 41. Is. 10d., and those of the proof at 21. 13s.
4d., the latter being necessarily incurred before the creditor
knew whether a single shilling would be paid by the estate,
and the debt which is proved is no more than 301., so that the
present dividend, amounting to 151., will be reduced nearly to
half. Had the power been executed abroad the expense
would have been far 'greater, and when it was returned, a
proof of a Consul's handwriting would have been required. In
all probability such a debt as 301. is by no means among the
smallest, on account of the great quantity of continental hills
given out by Messrs. Hammersley merely to cover the ex-
peuses of short expeditions. Under such circumstances the
proportion of the great expense to the small debts will most
likely be very formidable.
CHRONICLE.-=-In terms of the report from the Select
Committee on Banks of Issue, a Bill has been brought
into the House of Commons and printed, for making further
provisions relative to the returns to be made by banks of the
amount of their notes in circulation. This Bill provides, that
from and after the first day of July, 1841, all corporations and
copartnerships carrying on banking banking business under
the provisions of an Act passed in the seventh year of the
reign of King George the Fourth, and all other persons
carrying on banking business in England and Wales, and
making and issuing promissory notes payable to bearer on de-
mand, and all corporations, copartnerships, and persons carrying
on such business, and making and issuing such promissory
notes as aforesaid in Scotland, and also the Governor and
Company of the Bank of Ireland ; and all corporations, copart-
nerships, and persons carrying on such business, and
making and issuing such promissory notes as aforesaid in Ire-
land, ;hall severally keep just and true accounts of the amount
of notes in circulation at the close of the business in each week,
and shall at the end of every month, make up from such weekly
account a just and true account of the average amount of such
notes in circulation during such month, the same to be handed
to the Commissioners of Stamps and Taxes, at the head office
in Westminster, within seven days after the first day of every
month, under a penalty of fifty pounds for each neglect er
omission, every such return being verified by the affidavit of
the secretary, or other chief clerk, or officer of each bank, which
may be made before any Justice of the Peace or a Master Ex-
traordinary in Chancery, the affidavit to be free of stamp
duty. Tim last clause of the Bill provides that from
the accounts rendered by the Governor and Company
of the Bank of England, in pursuance of the Act in that
behalf, and also from the accounts to be rendered in pursuance
of the Bill, there shall be made up every month an account of
the average aggregate amount of promissory notes, payable to
bearer on demand, which have been in circulation in the
United Kingdom during the preceding month, distinguishing
those circulated by the Bank of England, by private Banks,
and by joint-stock Banks in England and Wales; by the
Banks in Scotland, by the Bank in Ireland, and by all other
Banks in Ireland, and of the average amount of the bullion in
the Bank of England during the preceding month : such ac-
count to be published in the London Gazette every month as
soon as the same can be conveniently prepared. The Bill is
prepared and brought in by Sir. Charles Wood, the Chan-
cellor of the Exchequer, and Sir R. Peel.
POST.—The transactions at the Stock Exchange have ex-
hibited no new feature since yiesterday. The dealings were to-
day altogether limited, arid there was apparently nothing pass-
ing out of the ordinary course of business, except in the con-
tinuance of special money sales in stocks that have closed for
the dividends, which are proceeding.
A meeting of the " United Shareholders" in that unfortu-
nate coucCall She British Iron Company, war held in the course