The Sun.
London, England, 1840-12-12 00:00:00

EVENING EDITION•

MONEY MARKET and CITY NEWS.

(FRIDAY EVENINS.)
CHRONICLE.—It seems now likely that the
French Ntnister will be able to raise the sum needhil
to supply his immediate wants by an advance from the
Bank of France, against an issue of Royal Bonds to
the amount of 2.50,000,0001., 10,000,0001. sterling.
The Russian loan, it is now said, is not likely to ex-
ceed 3,500,000/. sterling, taken in a four per cent.
stook at 90. It was very generally supposed in the
early pact of the day, that the Russian loan had been
confotioded with that of an Austrian one, alluded to in
some of the French Papers as being required to the
amount of 2.7.0,000,0091., but from the contents of pri-
vate 1 tiers received to-day we are inclined to think that
the report of a Russian loan is correct, and that the ru-
ro)urs übcut Austria also appearing as a borrower are
for the present, at least, premature.

POST.—The annouecement of still more foreign
loans in the journals does not escape the attention of
comutr•rcial En. n in the City. A Russian four per
cent. loan has been contracted with Messrs. Hope and
Co., of Amsterdam. The amount is uncertain. Pour
millions sti.rling is the sum stated. Besides this, we
hear of an Austrian loan for the large sum of ten mil-
lion 4 sterling being on the point of negotiation. Some-
thing mole-, definite may probably transpire wit•) respect
to these important financial matters in the course of a
few day:. No new Austrian loan will, we presume,
f-oin what occurred in the case of the former one, meet
with much favour in this country. Of the twenty
millions borrowed under the auspices of the B-itish
Government, only two' millions were, after a long
struggl).. recovered, and this was through the pockets
of tilt) English public, in the shape of a second loan.
The domestic bankruptcies of Austria have been of
the most desolating character. The Governments of
Vienna, unlike those of Spain and Portugal, have, it
is true, shown a creditable regard for the interests of
unsuspuctiiig foreigners who trusted them, the anxieties
of the rulers of those two insolvent States being di-
rected exclusively to the protection of the native. The
circumstance of the two million Austrian `‘ godsend,"
as the sum saved out of the twenty millions was
exultingly designated by the British Minister in Par-
liament, is, nevertheless, too memorable an affair to
be speedily effaced from the recollection of our coun-
trinen. _

To crown all, a levy for five or six millions sterling for
th.: use of the Regency at Madrid is, we understand, at
the present moment engaging the attention of the loan
concocturs of this city, who assume, as a matt,r of
course, that the four years' interest now die on the
pared-down conversions and new introductions of 1834
is totally lost sight of, as well as that such is the arid
state of the Madrid Exchequer that the contemptible
sum payable even in interest (ten thousand pounds stet-•
ling per annum only) on the Treasury bonds issued by
the Embas,:y in 1836 with so much mock solemnity is
not to be scraped together.
'['he exchanges fluctuated very considerably this af-
ternoon. At the commencement of business the quo-
tations were decidedly looking down. A great differ-
ence was made, however, in the rates fixed for bills
drawn on the same places, a circumstance from which
it is to he interred that the credit of the drawers is in
some instances a little affected. It is not easy to say
with any certainty what was the result of the day's trans-
actions. More bills were offering before the close : but
the idea seemed to be that the currency of the last post-
day was barely supported.
The Belgian papers say, " the Dutch Government
are about to authorise the admission of oils to entry by
the Meuse, the Scheldt, and the canals of Zuid Willems
Vaart, and Terneuse. Hitherto importations could take
place only by the Rhine and the Wahal." " Now,
however," it is added, "we shall be put upon the same
footing with Prussia and England. Leyden will be the
place of discharge for our supplies."
The new sections of railway to be opened next year
arc, as we learn from the same journals, those from
Ans to Liege, and from Liege to Chaufontaine, which
will be in operation during the second quarter, and
that of Tubise to Mons, which is to be opened during
the last quarter. The total of railway expenditure for
1841 (including the new sections) is estimated, in
round numbers, at 3,750,000 francs. The works gene-
rally already constructed pay the Belgian capitalists
an interest of from four to five per cent. per annum.
It was never the policy of the Government to exact
extravagant fares. Passengers travelling by the second-
class vehicles have, in fact, been enabled to traverse
the country at a charge that would barely cover the
expense, the moderate profit derivable from the
undertaking being levied upon those who are in cir-
cumstances to contribute more liberally. Numerous
lines have now been several years in operation, and so
perfect is the management, which is that of the Govern-
ment, that scarcely a single accident or mishap of any
kind has occurred worth recording from first to last.
It is considered here that the railway administration of
the Low Countries might be imitated by the English
companies with much advantage to the public. The
fact we are about to state will be thought almost incre-
dible, but it is nevertheless true, that a man may go in
the open carriages from one end of Belgium to the other,
that is to say from Ostend to Liege, a trip of eight
hours, at a charge of less than six shillings. The dis-
tance cannot, to judge from the excellent speed with
which it is performed, be less than 150 English miles.
The discipline maintained throughout is the admiration
of all who have had an opportunity of witnessing it.

TIMES.—The foreign papers received yesterday
state that a new Russian loan is about to be brought
forward, and the letters of this morning from Amster-
dam furnish some particulars of the terms on which the
contract for it has been made, in which the house of
Hope and Co. of that city appear to be largely con-
cerned. 'lle a letters state, that the loan is for
23,000,000 silver rubles, at a price of BGi per cent.
Payment is to take place as follows :
One-tend► on January 5, with an addition of 3 per
cent. interest.

Four-tenths on linuary 31, with an addition of 4 per
cent. interebt.

Five-tenths en Fcibruary 28, with an addition of 5 per
cent. interest.

The interest is to run from the Ist of last August.
and will therefore leave a small profit of two months'
interest. Calculating at the present rate of 38 stivers
per ruble (whereas 40 stivers per ruble are to be
pair!), the new Four per Cent. stock will stand the
subscribers in 90 per Cent.

The: Engiish stocks have been nearly stationary all
day, ,Amt the only variation in the prices was that of
buyer or ecllir.
The prices of most of the speculative foreign stocks
g.ive way in the early part of the day, the market not
being. able to sustain the sale, made, which neverthe-
less were not more than of ordinary character ; sub7e-
qudatly there was a reaction, which placed things in a
firer position.

The f reign exchanges had, according to sonic of the
brukets. a tend. nay downwards fur Paris, Hamburgh,
and Amsterdam, there being more money than bills
on those places. Accisrding to others, the rate on
Atu,tertisna is much the same as last pose, whilst on
Paris the demand was not so great as on Harnburgh,
and the exchange, though lower, was not so much
affecte .

HERALD.—In addition to the loan for Russia
contracted, as yesterday noted, with the house of Hope
and Co. in Amsterdam, it is now openly stated, and was
indeed then hinted at, that Austria is actually in the
ma.kct, with a loan, or rather that one has been taken
by a well-known Hebrew firm, to the amount in the
whole of about 4,000.000/., out of which somewhere
about one half, or a little more only is to be called for
and paid up at present, and the remainder at a date
not distant. The Money Market, therefore, is in
tours! of a more ,severe pressure upon its capabilities
than has been experienced for veers. For at one and
the same time France, doubtless for a more heavy
one than the rest, Russia, Austria, Belgium, perhaps
Prussia, Brazil, and Texas, are all actually in or about
the market at once for loans, not one of which will
be below one million sterling, whilst the greater number
are for much more than that sum. There can be little
question but that the amount wanted and brought for-
ward, unless prevented by some unforeseen occur-
rence, will not altogether for all there States fall short
20,060,000/. Exclusive of this vast amount, there
exists little doubt among the monied interest that a loan
will be wanted to make good extraordinary expenditure
and deficient revenue in this country ; and tint it will
be one of the first propositions with which the Chancel-
lor of the
~,Exchequer will salute Parliament at the en-
suing Session. All eyes and ears arc naturally turned
to see what course the Bank of England will pursue in
this extraordinary conjuncture, and with so small a re-
serve of the precious metals in possession. Many
people affect to believe that nothing short of a Bank
Restriction Act, authorised by an Order in Council,
can enable the Bank to withstand such a " long pull, a
strong pull, and a pull altogether" upon her, as such an
accumulation of loan demands, if tolerated, which, whe-
ther all carried on in coMpetition or not, must drain her
coffers to the dregs.

SUN.—There has bceq more firmness in the public se-
curitics tc- lay, but the basin, ss done has been rather P.
mited in ext ,nt. The French Funds, it seems, were morz
buoyant, and advanced I per cent. on Wednesday, on the
supposition that because the Finance Minister has post-
Poned for a day or two the explanation of his. budget,
be has no intention of making good the deficit in the
revenue by means of a new loan, but will issue Trea-
suey Bonds and resort to other expedients. It appears
pretty certain, however, that the whole amount required
cannot be completed by means of Exchequer Bills since
die charges entailed upon France by the dangerous
policy of her late Minister are too heavy and of too
permanent a character to be met in this way. A
Russian loan is reported to have been contracted for
by a firm at Amsterdam, but before this can be
confidently stated to be the case, we must have
pamo official announcement of it, for such a sum as
/Lis great Power would be the borrower of could
Niever be raised among the private connections
a single house, however wealthy or influential.

Then again the contract price is said to be 90, while
'the market price of the Five per Cent. Stock is as high
as 1121, or a difference of 22. per cent. If Russia
is really pressed for.money, and we are by no means in-
clined to doubt it, sueh terms as these, we imagine, will
very soon tempt the public to lend the Government of
that country four millions sterling.
Austria is said to be " looking out for ten millions
sterling, and of course we shall have the preference in
obtaining her custom. The European Money Mar-
kets were indeed seldom more hard-pressed, than
they have been since M. Thiers began his grand display
of enmity against the Allied Powers, though, at the
same time, we will not go the length of asserting but
that many of the Governments which now cloak their
applications for assistance under the plea of extensive
armaments, would have been borrowers, even had no
such expenditure ever been required.
The unvarying price of Consols for the opening and
ex dividend has to day been 89/ to 89-1. Exchequer
Bills have not recovered the depression to Is. and 3s.
premium, caused by the heavy sales yesterday. Bank
Stock improved to 157 and 157 k ; the Reduced Three
and-a-Half per Cents. were at 98 to 98i, and the
Three per Cent. Annuities at 891 to t- ; Long An-
nuities improved to 13 and 13 1-16.
The Foreign Stock Market was quite inanimate all
d.iy and the alteration in prices was limited to mere
trivial fractions. For the Active Spanish Bonds the
quotations were 24 to 244, for the Old Five per Cent.
Portuguese 65, for the New Stock 34 to and for
the Three per Cents. 22. The Peruvian Bonds were
at 16, and Colombian at an improvement to 26. Bra-
zilian touched 714 ; Dutch Two-and-a-Half per Cents.
were steady at sli to There were no bargains in
Austrian, Russian, or French Securities.
The Railway Shares did not quite support yesterd:.y's
prices, there being some disposition to realise the profits
accruing from the recent advance. Great Western
Shares were 24 to 23i, the New 101, the Fifths 5i ;
the London and Birmingham 80 to 81 ; the South
Western 14 to 14i ; the Manchester and Leeds 8,
and the New 4 premium. Brighton Shares were 9to
87i. the North Midland 241, and the South Eastern
16i discount. Australasia Bank Shares were at 17 to
16-, London Joint. Stock Bank at 3, and Provincial
Bank of Ireland at 181 premium.
The Foreign Exchanges were heavy again this after-
noon, the quotations in professional phraseology being
the turn lower, or else without alteration. The more
cnrrent, rates at which paper was negotiated, up to the
' close of business this afternoon, were these :—Paris
25i. 55c. to 57ic., Amsterdam 12 3 to 21, Harnburgh
13 7:1-, Frankfort 149, Trieste 10 3 to 10 4, and Ant.
werp 12 2.