The Sun.
London, England, 1841-09-23 00:00:00

Total..

£7 17 9

Deducting this total of 71. 17s. 9d. from 1,006/. 10s., the
remainder will give 9981. 12s. 31 as the price of 1,1211. Con-
sols, which is at about the rate of 89 1.16 per cent.
Consols fell per cent. on the appeal ance of this notice, i. e.
to 89i forming nearly the whole of the advantage, com-
pared with 894 to the closing price of yesterday, to be de-
rived from the conversion, and hence the general feeling in
the city is that subscribers to the amount required will not be
forthcoming at the time appointed. The Minister, it is ob-
served, ought to have foreseen, from observation on the pre-
vious state of the Consul marker, that some decline must
necessarily follow this announcement, and should have made
his calculation so as to allow for that decline, and to leave at
least a small bonus for the contracting parties. They would
have been content, it appears, with a small bonus, say of one-
half per cent. but under this operation, taking the current
quotations of the day, there is little or no advantage in the
conversion over an immediate purchase of stork. We rather
incline to the belief, however, that the prof.osed conversion
will succeed. As a financial operation, without any reference
to terms, it is a judicious one, and brought forward at a very
proper time, sinee the market for Exchequer Bills cannot fail
to be materially relieved by it, so as to allow any vote of credit
that may be taken to be represented by fresh issues of Ex-
chequer Bills without any undue pressure upon the money
Market generally.
The premium on gold at Paris is 7 per mile, which
at the English Mint price of 31. 17s. 10id. per ounce for standard
gold, gives an exchange of 25. 32i, and the exchange at
Paris on London at short being 25. 37i, it follows that gold
is 0.20 per cent. dearer in London than in Paris.
By advices from Hamburgh the price of gold is 428 per
mark, which, at the English Mint price of 31. 17s. 101jd. per
ounce for standard gold, gives an exchange of 13. 61, and the
exchange at Hamburgh on London at short being 13. 61, it
follows that gold is 0.12 per cent. dearer in London than in
Hamburgh.,

The c-inrse of exchange at New York on London is 109
per cent.,
. and the par of exchange between England awl
America being 109 23-40 per cent., it follows that the ex-
change is 0.58 per cent. against England. But the quoted
exchange at New York being fee bills at Mt days' sight, the
interest must be deducted from the aforesaid difference.
CHRONICLE,--The scheme has been brought forward
seasonably enough, in so far as to give employment for our
spare ftpital at home, instead of allowing it tit seek invetstrneht
itt Paris ; but at the present price of the French ttentes, there
is not much fear that the Ban woeld have had a great deal to
dread from that source, The terms on which this funding is
proposed do not affbrd tempting prospects to subscribers; for;
by receiving 1121.25. of 'three per Cent. Stock for eVery 1001.
of Exchequer Bills and the premium, they vrotild get neither
more nor less than their stock at the closing prise of the
day, at least, there is not above ntressitteenth of a margin.
Had the Chancellor of the Htellequer allowed 1121. 10s.
of stock for tire loot. of Exchequer Bills and the pre-
mium, he etneld have found his lists far retire Speedily
closed. 'the Stock Exchange connet be eirpected to come
forward readily on such very clogs They Will haVe
to borrow the money or to turn it hilt olf other investments,
should they subscribe largely, and the Inlirance Companies,
on whom great depenstente is 'laced, have not very powerful
inducements to make them go largely into the funding. Their
operations lately have shown a desire to get rid of Stock for
mortgages, so as to convert a portion of their stirphis capital
into permanent annuities. The 13abic of Issue retain their
chequer Bills to meet any sudden return of their httes, and
for that purpose Exchequer Bills are more Convenient than any
other species of security. 'What further influence, however,
this project of the Chancellor of the Exchequer may pre-
duce upon this Money Market will depend mach ttpOn the
class of 'sten who take the s ~Isatriptibn. The matter
has probably been concocted previously with the flank
Directors, who will help the Tories throligh the gutter.
The object of the measure is clear ettottgii. If the whole
amount be taken in Exchtipiel' Bills, and the funding goes on
to that extent, then new bills will be issued under the sanction
of a vete of teedit to the same amount, perhaps t and thus,
while $,000,1-001. will be added to the funded debt of the extent.
try, the addition to the existing debt would be represteted by
the amount of new bills so issued, and which, under the
lowest computation, will amount to 2,500,0004 If, on
the other hand, one-half, or 2,500,0001., should be
paid for in -money for stock, then Mr. Goulhtten
will ot the amount of the deficit of the year in
cash, and will be able to obtain another 2;50:000f, by
a re-issue of new bills in lieu of those that Would be funded;
but, under any circumstances, a ro-oi creation of 5,000,0001, of
Stock must be the result, while the yearly deficiency of
2,500.000 i. of retellue to meet the expenditure of the coun ry
will remain Untouched and unprovided for. These proposals
fora funding constitute, in fact, "temporary provision" to
meet the deficit of the year, announced by the Premier on
Friday, and which will be submitted to the House of Commons
for approval, we perceive, in a few days, by the Chancellor of
the Exchequer.
HERALD.----It was generally believed that the publication
of this funding business was somewhat hastened by the intelli-
gence of the French loan forthcoming upon the market, but it
is evident from the deplorable condition of the Treasury, as in-
herited from the late insolvent Ministry, that it is an operation
which could be no longer delayed, if means were to be pro-
vided for the public service. The large masses of unfunded
securities issued and left discreditably afloat by the late Chan-
cellor of the Exchequer did not admit deny other alternative,
for no more issues were possible unless by raising the interest
upon them again as th late Mini-ter had so recently done,
without which they must have fallen to a discount as before,
which would render mere issues impossible, however indis-
pensable for the supply of the temporary exigencies
of the State. Raising the interest was, of course, out
of the question, as the rate at present is beyond
that of Congo's, which may be adduced as another mis-
chievous consequence of the financial blundering of Mr. Baring
in constantly resorting to Exchequer lei is upon every pressure
for money, without caring to provide the means for redeeming
and cancelling any portion of the over-issues subsequently, so
as to keep the quantity afloat light, under controul and at a
lower rate of interest, and therefore less burden upon the
Treasury. It is probable that to carry on the public service
some two or three millions will be required to be raised between
the present time and the Lext session of Pailiameni, before
which brief period it would manifestly, be absurd to expect
from any wisdom or skill however consummate the considera-
tion and cumbinatitai of any safe plan by which the finances
of the country can be extricated from the almost irretrievab.e
confusion in which they are at present involved. It may be
in contemplation to raise the amount so required by issues of
new Exchequer Bills to the amount, gradually and as they may
be wanted.
POST.—The plan has been favourably received, and the pe-
riod ,ver which the payments will extend will prevent any ex-
treme tires• urn on the Money Market. On the Stock
n twill rate rdaitseal poiot
the
Ex-
change, taking the difference of the rate of interest and the
cent.
of Thisthe
conve
sssiliol sadly r
premium the bills at present bear, it is considered that the pro-
posed
proceedingConsolsat Bh9op3e-s of m permany
gambling jobbers who were anxiously waiting the appeaiance
of a loan ; and from which great expectations had been formed
of being able to influence the Market to some considerable
profit.

The body of
young. wcnan„ at)out twenty
years of age, ar:tl dr,..354 with d*gi.',.e of eleance,
was taken out of the river yesterday morning, near the
Pont
du Carrousel. She had thrown herself in during the:night,
leaving her bonnet, shawl, and parasol, on the wharf.