The Sun.
London, England, 1841-06-18 00:00:00

MONEY MARKET and CITY NEWS.

FROM TAE MORNING PAPERS OF YESTERDAY..
CiiONIGLEs—The ordo.te6c.ling.S at the glerieuS demonstrae
lien yestersay in th 6 city et London Teem, to receive Lord
John Russell, affords gratifying evidence that the leading capi-
tabs's, bankers, and merchants of the C.ty coincide with us in
opinion, that the adoption of the measures of fiscal and financial
reform proposed by the Queen's Government is essen'ial to the
safety of the Bank of England, es the malnsspring of public
credit requisite to restore life and energy to the trade and pro-
ductive resources of the country, and to guard the Money
Market against fresh convulsions and panics in time to come.
it is peculiarly gratifying td See the Rothgcltilds, the Loyds, the
Gurneys, the [loves, the Smiths, and many other houses of
Treat wea!th and influence, coming forward on such an occa-
.;ion to give the weight of their presence and example
Against the continuance of restrictive duties, and in favaer
of a Liberal commercial policy. Tile London bankers
generally support free trade, and we arc confident that a large
g
,tajority of the citizens, including the proprietors of the Bank
of England, entertain similar principles. They have long
seen supported by Mr. Horsley Palmer, Mr. Mattison, Mr.
Norman, Mr. Grenfell, and other Directors of the Baak of
England; and we a-e persuaded that there are many converts
o the same views amon the proprietors of Bank of England
stock, which will be manifested at the first fitting opportunity.
It cannot be otherwise, for the best of all reasons—that their
interests, as Bank proprietors, are one and the mule with the
great body of the people. It is the interest of the latter to
obtain cheap
food, and it is the interest of the former that they
should always have it to save the coffers of the Bauk from the
heavy drain which nearly cleaned them out in 1839. Without
ncluding the. loan of two millions and a half borrowed is
that year from the Bank of France, the bullion taken off from
the Bank has never been estimated at less than seven and a
half millions of money, the average price of wheat during
that year being 70s. per quarter. In 1840 it is esti-
mates that in the face of an abundant harvest the price of
foreign corn imported was nut under 3,000,0001., the average
price being kept at a range of from
645. to'6Bs., in order to
suit the views of speculators. Supposing, then, that the sub-
stitution of a fixed duty would keep wheat at a steady price
of about 50s. per quarter, the drain upon the Bank in the
event of a heavy
importation would be diminished by the ex-
tent of the difference of price per quarter nearly equal to
3,000,0001. in 1839, and to 1,000,000/. in 1840, even sup-
posing that the price would still be remitted in gold,
instead of being taken in the manufactures of this coun-
try. But the naked state of trade with the Continent,
which takes
nothing from us but gold, is by no
means likely to continue under a free trade principle of
international. intercourse ;• and besides the interchange cf
products with the Continent, we should have a great addi-
tional demand for our goods in the American markets.
list it is car..
The complaint at xresent ic, ilia:. the ports of tiv... Uni'ed
• ..:Ititted with silt t,ti _ ... ~,,
fully concealed that the glut is occasioned very much by the
inability of the Aniericans to buy them. The supply exceeds