The Sun.
London, England, 1851-10-21 00:00:00

tered shares, Itith and 30th.

r We cannot be answers
will not be influenced by

Ible for ti
intoreste,

MONEY and COMMERCIAL NEWS

CITY. TWO O'CLOCK.

The sales of Cotton at Liverpool yesterday were
5,000 bales, of which 500 American were taken for ex-
port. The sales comprised 3;500 American, 200 Pernatn
and Muranham at 54d. to 61d, 150 Bahia at std. to
500 Egyptian at 5/d. to Bd., 400 Surat at 20. to 4i.,
and 70 Sea Island at Is. to Is. 3d. per lb. The market
was dull.—The Share Market continued depressed and
prices were lower than en Saturday.
The Hamburgh advices of last Tuesday quote the
rate of exchange on London firm at 13 51 for three
months' paper, with a good demand for bills. Gold
was at 4281. Coffee was still in favour, and Wheat
rather dearer.

We are of the number who have from the commence-
ment locked with extreme dissatisfaction upon the policy
of the Spanish Government in reference to the so-called
settlement of its debt, and there has certainly been no-
thing within the last few weeks essentially to
mitigate our disgust. At the same time we
have felt that the poorer class of creditors
were being worn out by the slow torture of official as-
tuteness; and insensibility. Year after year has rolled
away, and still no measure of relief has come. We hear
of increasing prosperity, of a flourishing revenue, of
lavish outlay, but not a syllable of payment of latex est
on the foreign debt. At length public opinion and
latent indications of a resolution on the part of the dif-
ferent Governments to take up seriously the claims of
their respective subjects rouse the Madrid Cabinet to
something like action. A scheme, more disgraceful even
than the former disregard, is broached by the Finance
Minister, and when this is met with well-merited deri-
sion and contempt, an amended and certainly far pre-
ferable scheme is propounded, the most damaging evi-
dence that could pos3ibly be afforded of the inclination
to defraud the creditors, and not the inability to meet
their demands. Deaf to all remonstrance, the confisca-
tion of 50 per cent. of the coupons is persevered in, and,
as unfortunately the bondholders are divided among
themselves, even this crying injustice has had to be
submitted to. Ye.,terday the committee made their
report to a public meeting as to the result of their
labours, and although we could have wished them better
success, we are sure they well deserved the gratitude of
the bondholders for their unceasing efforts. One point
they have yet to gain, viz , the official recognition of the
certificates or receipts for the 50 per cent. of coupons not
included in the conversion. If this is got, Spain must,
in after years, make a provision to discharge them. It
is highly satisfactory to find that the committees here
and on the Continent will stamp the new bonds to pre-
vent an over-issue, if the creditors be only wise
enough to pass them all through their hands.
The exertions of Lord Howden, Mr. Weisweller, and
Mr. Capel, and the warm support of Lord Palmer-
stun, were all duly acknowledged at the meeting, but
the Spanish Ministers stand in the unenviable position
of having been dragooned into a settlement, and of
having given, after all, what no one thanks them for.
The question of "prices" is always a difficult one to
handle, but Mr. James Harvey, of Liverpool, formerly a
member of the Anti Corn-law League has come forward
to direct public attention to it, and contends that remu-
nerative price, not cheapness, is the desideratum. Mr.
11 arvey is a currency reformer, and seeing that free
trade, to be fully developed, needs an expansion of paper
issues, he takes the unwise part of abandoning his for-
mer opinions and hanging on to the skirts of protec-
tionism, in the futile hope that from that phantom
he may obtain the object he desired. This relinquish-
ment of ono positive good, even though in exchange for
another, cannot be expected to enlist the sympathy of
The Sun, nor, as we hope, of any individual or body
pretending to conscientious reliance in the ultimate
triumph of right. Currency reform, we trust, will not
find many advocates upon such slippery ground as that
of Mr. Harvey, and if, as that gentleman properly remarks,
an amendment of our monetary system is to become
a hustings question, we trust also that no former
adherent of free trade will assert that an extended cur-
rency would be desirable with the restoration of
thpro-
tection. The writer of the letters
observations we now make states::ll‘4,iih
1 rvw of London,
with the plan proposed by Mr. John Tainie
thet
lrlosal.opu elude
question,
a gentleman who has thoroughly
it, and
and has philosophically examined and elucidatesr
a national pape
whichableandand
issue should never exceed in year the amount
paid
of the annual taxation.
gorrelciaehivleabtloe
dfoer.
officers, for the dividends of the
away by Government for theTh is
debt,and monosalaries
fofl l
e itsx
tpaexnesse: ,
wouldwou l d
neverbe a legalb o e ittennedreri,nanedxnbeesign
preciation. As the pennY-Postsge stamp collects the
whole revenue of the Post-office, so would this money
collect the whole revenue of the nation. The arrange-
ment of this plan would be matter of detail, and would
present no real difficulties. toprivate
withbanksaslittle
and
e
banking companies, let them interfered
as possible, onlytakwintgth
proper publicity as to their care to make their issues as
secure as possible,
partners and sscarities—that so the currency of the
might be made as safe as gold itself."
Yka are very firm again, but there is not much
cousntotre
doing. Consols have been 97i- to for Transfer and
Account, and are now 97/ I. Bank Stock is worth
2121 to 213, and India Stock 264 The New Three-
aud.a.Quarter per Cents. have been 97i to 98k, and the
Three per Cents. 96* to Exchequer-bills are 51s. to
549. premium, being fully previous rates.

Foreign Secureties are dull. Spanish Five per Cents.
have been 20i. and the Three per Cents. 33i to 3Si.
Sardinian Scrip is discount. Portuguese Four per
Cents. have been at 32i to 32k. Mexican Bonds have
been 261 to 26k.'

Railway Shares have been firm generally, and there
has been a moderate business doing. Rather increased
transactions have taken place in foreign shares.

CLOSES G
riticEs.
213
96%
971%
97%
7
63/4
262%
97%

PRICES OF BRITISH. FUNDS O'COLNOECK.
Bank Stock
3 per Cent. Reduced Anne.
3 per Cent. Consols Annuities..
New 814 per Cent ..,.. * ... :: ..
Long Anns. to expire Jan.lB6o 6 15-16 7
Ditto, 30 yearn, Oct. 10,1859 634
India Stock ' 2621,E
Consols for Account
Exchequer Bills, 1 ii; a.
1,000/.
5001.
Small, ..
ONE 1
'
PRICES OF FOREIGN FUNDS. O'CLOCK.
Brazilian Bonds, 5 per Cent. •• ...... --
Equador Bonds •........... —3/
Mexican, 5 per et,, ex Jan. Coupe. 2634
Ditto, Account .......• •••••••••••• 26%
Peruvian Bonds, 5 per Cent-. ......
Portuguese 5 per Cents. ............
Ditto, 4 per Cent. .................. 32%%,
Ditto, 3 per cent. .....
Russian Bonds . ................. ....
Ditto, 414 per Cent ...............
Sardinian Bonds, 5 per Cent. ......
Ditto, Scrip .......................... 2%
Spanish 5 per Cent. 1840 2034
Ditto, Account
Ditto, Passive
Ditto. 3 per Cent
Dividends on the above payable in London.
Belgian, 4% per Cent. —
Dutch 2% per Cent. 12 Guild —
Ditto, Account
Ditto 4 per Cent. Certificates 59%

51 p

51 p
51 p
CLOSING
PRICES.

3E4
263/4
26A

321%
32;,i

10134

LLOYD'S SHIPPING.—(THIS DAY.)
LONDON, OCT. 21.—Wind at noon E., light airs and
dull, hazy weather. The Lafayette steamer was burnt
at Chagres on the 11th instant.
RIGA, OCT. 15.—The Wellington, Davidson, Dundee,
to this port, has been on shore, but apparently received
no damage.
BLANC SABLONS (LABRADOR, SEPT. 25).—A French
barque, Quivers, Masten, has been wrecked at Feroll
Harbour, Newfoundland. Fourteen men drowsed.
TABLE TAT, CAPE OF GOOD HOPE, OCT. 12.—The
Clarinda, Shields, to Simon's Bay, has been on shore
on the Sand Bank, inside Mouille Point, and received
considerable damage to rudder, false keel, &c., is dis-
charging. The schooner Natal, from Mauritius, has
put in partially disrnasted. The French barque Actif,
from Calcutta, has put in, with loss of mizen mast, &e.
SUNDERLAND, OCT. 20.—The Pratt, of Sunderland,
and the Falmouth, of London, were in contact in the