The Sun.
London, England, 1841-01-02 00:00:00

MONEY MARKET and CITY NEWS

(FRIDAY EVENING.)
TI M E S.—lt is obvious, from the remarks made in the
City on the proposed New French Loan, as described in
the Paris papers, that very little indeed of English capi.
tal is likely to be attracted towards it. So much is the
case otherwise, that those who had invested their money,
under a different state of things in the public securities of
France arc losing confidence, and withdrawing their capi-
tal. This has been in operation now during some months,
and there probably has not been any period since the nego-
tiation of the great French Loan by Messrs. Baring, in
1818, after the Congress of Aix-la-Chapelle, in which so
small an amount of English cepital has been inscribed in
the " Great Book" of the French debt. Leaving this dis-
trust out of the question, there have been so many new,
channels opened for the employment of money at home,
that all foreign loans will labour, for some time to conic,
under peculiar discouragement.
The amount of Trinity bonds to be brought into circu.
lation is now stated not to exceed .100,0001., and the greater
part of them, if not the whole, are said to have been taken.
The lenders on them have the option of any term, not less
than one, nor more than seven years, and the bonds will
be redeemable on six months' notice being given, after the
period fleet agreed upon has expired. They tear interest at
4. per cent., payable half-yearly, by coupons attached to
the bonds, and have the convenience of being made pay.
able either to bearer, or specially, as may be desired.
This would make them occasionally useful as remittances •
abroad, but the limited amount will make them compara-
tively of little importance, and no influence on /he general
money-market is to be anticipated from them.
Money was inquired for a good deal to-day by the job-
bers, and the rate obtained in the English market was 5
per cent. ; in consequence of this, the value cf Exchequer-
bills Advanced to 4s. to 69. premium ; and in the opinion
of tie) leading brokers, there is no probability of a decrease
eithetin demand or rate till after the payment of the Ja-
nuary-dividends, which takes place on the 8:11 instant. In
Consols very fey: bargains were made, but the price was
firmer at the close of business than previously. The
earlier price was 88 to but left off • to i; Three
per Cents. Reduced were quoted 89 : the Three-and-a-
Half per Cents. Reduced 97:k to i; Long Annuities (ex-
piring the sth of January, 1860), 13 ; Long Annuities
(expiring the 10th of October, 1859), 121,-; and Bank
Stock, 157 to 158.

Although the business done in the foreign stocks was
not of any large amount, the greater share was devoted to
speculation in Spanish, but not with the advance of either
yesterday or the day before. On the contrary, the market
for that security has shown symptoms of unsteadiness once
or twice during the day, and the principle of fluctuation
was evidently downwards.
The patience of the military and naval claimants on
Portugal seems to be nearly exhausted, and they complain
bitterly of the long time that has elapsed since the appoint•
ment of the Commission, without the slightest appearance
of any thing being done for their benefit. Four .months
act) it was said that Lord Palmerston had a private inter-
view with the eflicers of the Committee, and then told
them that the Commission would sit immediately, and it
seems that the Portuguese Commissioner when applied
to says he is only waiting for the English Commissioner,
Mr. Alcock. As it is generally believed that the Com-
missioners arc in the full receipt of their salary, this de-
lay, without any definite cause being alleged, becomes
more and more wearisome. Many of the soldiers being
in the most wretched state of poverty, feel that the incle-
mencies of the present season should give en additional
stimulus to activity on the part of the Ccmmissioners.

CHRONICL E.—The expo:6 of the French Minister .
of Finance, announcing that he should require authority
to negotiate a loan of 450,000,000 f. (18.000,0001.), pro-
duced a temporary flatness in the funds this morning ; bet
when it was understood that there were large means at
present in the Treasury, that the period for issuing the
loan was not fixed, and might be remote, prices rallied.,
placed
The statement of M. Humann has removed the fears of an
immediate issue of a loan, and as many people
perhaps without reason) that he makes the rasa quite as
bad as circumstances justify, it is not impossible__ thatn, he
think. (not
may ultimately find a creation of renles fora
e b 11
saffindaenedli°6llt
will suffice. If the paix urntce shouldibe a„unt ' and
c . ry
the military and naval strength of t '
is clear that the cause
t. bli Ineilt it
upon a peace es a sn • ,
ry
for the items of the extreordinary Budget in respect
of war and marine will ceas3 to exist long before 1842 •
and as there is good reason to expect that France will
but look
speedily disarm, we cannot -upon the array of
figures brought forward by
marshalled to produce a certain effect upon the economi-
cal dispositions of his ecuntrymen.
M. Ilumann states, we perceive, that the revenue, in
i
spite of its progressive improvement, no longer suffices
for the ordinary expenses of the State, and elks for au-
thority to inscribe on the great book of the public debt,
and to negotiate with publicity and competition, the sum
of renter necessary to bring to the treasury, as the result
of the operation, a capital of 450,000,000 francs, which,
he says, will be actually " absorbed by the works
for which they arc .
teqiured ;" but then he adds, " the
realization
v a
0. loan will not be immediate, and that
there is a reserve in the treasury of 120,000,000 francs,
(4,600,000/.); therefore he had not demanded any credit
kr tile service of mites to be negotiated, and only claimed
the faculty of creating them by loyal erdonnance, if ne-
ceszary, without waiting for further legislative sanction.
For the present, M. Hamann will be able to conduct the
public business with the 120,000,000 of francs reserve,
and a credit for 250,000,000 francs of Treasury bonds
(10,000;0000, waiting until the confirmation of pease
shall enable him to complete the loin, when the funds havo
risen to thci: hte.p.e- value. There is an unusual degree
of 27 aivele in this last explanation of the Finance Minister
of France ; au exposure of what he means to do on the
Money (Valet, -which would he looked upon amongst pub-
lic nice in this country as evincing a want of the neces-
sary official mystery. Certainly it is not the best way
to pr oduce a rise in the rentts to inform the public that,
so soon as they reach a fair pi ice, there is a loan to a
large amount to be brought forward, if he really be serious
in his declared purpose of raising one.
AI. humane might have remained satisfied with the au- '
thority, by Royal or2.onnance, to create the rentos, and
kept the public in the dark as to his future intentions.
This declaration of the Finance Minister leads to an in-
fereeee that, oven if peace be confirmed, which no one
doubts, a lota will be required; for M. Humann says, in