The Sun.
London, England, 1832-08-30 00:00:00

DAY AT ONE O'CLOCK.

PRICES OF STOCKS THIS
Bank Stock
3 per Cent. Red. 84;4%1
3 per Cent. Cons. 83% 4
N per Cent.
Ditto Red 9214%4
Kew 3% per Cent. 91%
3 per Cent. Ann. 1726 B2
t per Cent. 1826
Rank Long Ann. to expire
Jan. 5, 18t'° l6 15-16 A
Oct. 10, 1859 16% 13-16
Jan. 5, :860 -
Jan. 5, 1880 -
April 5, 1880 -
5. Jan. lB7O -

PRICES OF FOREIGN FUNDS
Austrian Bonds B9
Belgian Bonds 76
Ditto Account 76
Brazilian Bonds 494 %,,
Ditto Account 4934%
Buenos Ayres 80nd5......... 22
Ditto Account
Chilian Bonds l6
Ditto Account
Columbian Bonds ....... lO%
Ditto Account —
Ditto Bonds, 1824 llg
Ditto Account l2
Danish Bonds
—... .

New 5 per Cent. ...-4
India Stock
Ditto Bonds 4 5 p_o,
South Sea Stock 93%
Old Annuities ....0
New Ditto... ........ -..
3 per Cent. Ann. 1751
Ex. Bills, £l,OOO l3 15 PP
Ditto 500 l2 15
Ditto Small
Ditto Commercial —P
Ditto Advertised ... 12 14 P°
Bank for Account
India for Account
Cons. for Oct. 12.......84 IA 4

THIS DAY AT ONE O'CLOCIt•
Peruvian Bonds lOl4
Ditto Account .........
Portuguese Bonds ... .48g %
Ditto Account
Regency Scrip 4 dig.
Ditto Account 4dis,
Prussian Bonds 99
Ditto Account .
Ditto Bonds, 1822 lOO5
Russian Bonds, 1822
Ditto Account wig
New Loan
Spanish Bonds, 1821 ... 13.4
Ditto Account 135
__ la

Ditto Account 691,4 I Ditto Bonds, 1823
Greek Bonds 22 Ditto Account 12i
Ditto Bonds, 1825. 241% French Rentea, sp. c. —f --6
Ditto Account — Exchange —f --4
Mexican Bonds, 5 per cent 22% —3 per cent.
Ditto Account - Exchange ...... —f --4
Ditto, 6 per cent. — Dutch Scrip 43;4
Ditto Account 28343] ) Ditto Account
Neapolitan French Scrip ll4 lt

PRICES OF SHARES THIS DAT AT ONE O'CLOCK.
Paid. Per Share'
Anglo Mex. Min. Co. (iss. at 5/. pm.) XlOO "jc3s)
Bolanos Mining Company £l5O
Brazilian Imp. Min. Co. (iss. at 51. pm.) £2O 48
Ditto St. John Del Rey
British Iron Mining Company . £so
Columbian Mining Co. (iss. at 51. pm.) 4854
English Mining Company 1254
General Mining Association ll
Real del Monte Mining C 0....,
United Mex. Min. Co. (iss. at 21. pm.) 40
Ditto New Scrip 2
Alliance Fire Insurance Comp lO
Protector Insurance Comp.
Australian Co.
Canada Company
General Steam Navigation Co
Provincial Bank of Ireland 25

7'
7
21%
24
18%
Vat
4
Phi
£1 5 6
7

I

PRICES OF IRISH STOCKS, DUBLIN, AUG. 27.
Bank Stock l9B St. Patrick Insur.(petShare
Consols, 3 tier cent
Gov. Stock, 3g, per cent 90% National Ditto ..,
Ditto, New
1 per Cent. - i Hibernian Bank
Gov. Deb. 3 per cent... 86 Provincial Ditto .....
Royal Canal Stock .... ..... 391,( , Royal Irish Mine ...
Grand Canal Stock - Imperial Mine ...
City Deb. 4 per cent. -IMining Co. of Ireland
Ballast Office Deb. 4p. c. - Commercial Buildings
_...•

MAILS.
Arrived. Due. Arrived. DUO
0 America 1 0 Hamburg 2
0 Brazil
0 Buenos Ayres 1 0 Jamaica 0
0 Carthagena 0 0 Leeward islands ... 0
1 Dublin 0 0 Lisbon 0
0 Flanders II 0 Malta 0
1 France 0 0 Sweden 0
0 Guernsey &Jersey.. 0 1 Waterford 0 ,

HIGH WATER AT LONDON BRIDGE TO-MORROW.
Nforning...3s minutes after 5. I Evening...s7 minutes after f

Just ready, in 2 vols. Bvo.
MEMOIRS OF LAFAYETTE,
AND OF THE REVOLUTION OF 1830.

By M. B. SARRANS,
Secretary to General Lafayette.
Henry Colburn and Richard Bentley, Ntw Burlingtow
street.

*ult.

LONDON,
THURSDAY EVENING, AUGUST 30, 1832.

We have received letters from our own Core
respondent at Lisbon, dated the 17th inst.,
which did not arrive until this morning, from
which it appears that the Miguelites of that
city were in much despondency. Five days had
elapsed without any communication from the
army appearing in the Lisbon Gazette, and it
was concluded that nothing favourable to the
Miguelties had occurred, although the Ministers
of the Usurper had announced previously that
an attack upon Oporto had been ordered for
the 14th. Private letters from the Army received
by Constitutionalists at Oporto stated that the
new General TERCHEIRA, after reconnoitring
the preparations of Don PEDRO, had recall'
mended that no attack should be made for the
present on Oporto, and he was the more led to
this opinion by the discovery of some treacheri
among his own officers. The orders of Don
MIGUEL for the attack were, however, so pe'
remptory, that it was hoped by the Constitution'
alists TERCHEIRA would be compelled to exe'
cute them, and thus facilitate the views of 1300
PEDRO, who is strong enough to repel the at'
tack, even though the forces of MIGUEL should
all remain faithful to him.

The last accounts from Lisbon, received 3/
the Foreign-office, are by no means discourar
ing to the Constitutional cause. The PEDII°
party were still in high spirits, and only waiting
for a safe opportunity of declaring themselves.'
Up to that time, however, the mob, under the
influence of the priesthood, made every demon'
stration of attachment to I'EDxo extremely dani
gerous. These accounts mention another pro°
of the respect entertained by Don MIGUEL fbr
the British name and Government. An order
had been issued, prohibiting the entry into the
port of Lisbon of all foreign vessels ; but 311
English vessel, laden with coals for the Go'
vernment, having arrived, an offer was made t°
allow her entrance. This was refused by Ad'
miral PARKER, except on condition of the
permission being extended to all the English
vessels in Cascaes Bay, which the Migueliteo
absolutely refused. On the other hand, hoW
ever, an order was given to exempt four Austrian
vessels from the general prohibition, although
only one Austrian vessel was at the time in Car
caes Bay, so that the privilege has been granted
to three in anticipation.

Wearm of
Don pe
TheppErve pßajor a tai
roen s
going for r e
oi nnfo racci
tti)
gv
e ltyh.e
sorryo to find, however, that the Poles now ill
France refuse to embrace the offer that has been
made to them to join the standard of Donna
MARIA, under the expectation that their serer
vices may be shortly required nearer home. P.
war with Russia would set all Poland in limners
NICHOLAS would find enough to occupy 111
attention with the men of Lithuania, Volhylll'u
and Podolia, without sporting his courage on
the children.

A courier arrived this morning at the Belgi3ll
Embassy with despatches from the Belgian Mt f
nister for Foreign Affairs, but they are not °
great importance. The KING and his Minis-
ters were resolute in their refusal to accept tile
Dutch treaty, and all the preparations fur W3C
were going on with as great activity as if a or
Lure were certain. We regret to state that hY
this arrival very afflicting accounts have been
received of the state of the cholera in Brussels:
To such an extent had this pestilence Nacho;
that it was almost impossible to go through is
street without seeing one or two individu3

carried to the hospitals. In private houses also
the disease was raging frightfully.

Pursuant to the intention we on Tuesday an-
nounced, we propose to take as a text for some
observations upon the monetary state of the
country, Mr. MUNDELL'S dissertation upon
money restraints, and his theory of the rise in
the exchangeable value of money. We shall
follow his example by laying before our readers,
in the first instance, a brief statement of the
past and present condition of our industry. For,
although we believe it has been more affected by
causes not taken into account by Mr. MUNDELL
than by others upon which he chiefly dwells, we
think with him that it is essential to show that its
main springs are unimpaired.
It appears by the official returns quoted by
Mr. MUNDELL, that, with the exception of some
slight checks, in the five years ending 1780, the
five years ending 1795, and the five years end-
ing 1815, our shipping ever since 1775 has
gone on regularly and steadily increasing ; that
the tonnage of foreign vessels entering our ports
has also increased, but not since 1815, in the
same proportion as our own. This fact alone,
as Mr. MUNDELL observes, ought to be suffi-
cient to dispell the fears of the alarmists with re-
spect to the operation of our reciprocity system.
We know that the ship-owners bring forward
long statements respecting their losses. We
doubt not that the value of their property has
been depreciated like the value of all other pro-
perty, not in the remotest degree connected
with the reciprocity system ; but till they can
show us that they have ceased to build, we
must, with all submission, conclude that they
hope to derive some profit from it, and that they
are no more affected than all other classes. The
amount of our exports gives as little sign of our
manufactures being displaced in foreign markets,
as the amount of tonnage cleared outwards indi-
cates that our shipping is being superseded by
that of foreigners. In the year 1800, the
official value of our exports was 22,831,9361.,
and in 1831 it amounted to 60,090,1231. As
the official value is a measure of quantity, this
Shows that nearly three times the amount of
manufactures was exported last year, as com-
pared with 1800. The declared or actual value
of our exports in 1800 was 36,929,007/., and,
in consequence of the great depreciation of all
manufactures since that period, the declared or
actual value of the much larger quantity of ma-
nufactures exported in 1831 was somewhere
about 200,000/. less than the smaller quantity
exported in the former period. The official
value of our imports have in the same period
risen from 28,257,781/. to 49,713,889/. Hay-
-14 thus established that our national industry
has increased, Mr. MUNDELL goes on to argue
that the immense fall of prices exhibited in the
difference between the official and declared value
of our exports, which began to make itself ge-
nerally manifest in 1811, is to be attributed to
the rise which then took place in the exchange-
able value of money, occasioned by the defalcation
in the supply of gold and silver from the South
American nines, arising out of the disturbances
ill the ancient Spanish colonies. Mr. M. as-
serts that no cause can be assigned for the de-
pression which has been continually going on
since 1811, except this defalcation in the Ame-
rican mines, the annual supply from which before
the Revolution he makes nearly forty-eight mil-
lions of dollars, but which has since fallen off to
twelve millions. Upon what authority he states
the produce of the South American mines in
1810 at forty-eight millions ofdollars we are at a loss
to imagine, for although our Consuls there have
forwarded us some returns of late years upon
which a guess might be founded, they are ac-
knowleged to be of little value, and we have no evi-
dence which can be depended upon later than
that of HUMBOLDT, which does not come down
to a later period than 1803. But even if we
grant that so large a falling-off did immediately
take place upon the breaking out of the troubles,
we hardly see how we can fairly attribute to it
the depression which Mr. M. almost exclu-
sively attributes to it. We do not doubt
that the falling-off in the supply of the
precious metals was one cause of the
depression which shortly began to take
place, but it was only one of very many causes.
Mr. IVIuNDELL, however, makes it the sole
cause of the depression which took place in
1811, as well as subsequently. That other
causes have been in operation Mr. M. is com-
pelled to acknowledge, for 'he admits that de-
pression has fallen much more heavily on some
articles than upon others ; whereas if the cause
he assigns were the sole cause, or even the
main cause, the depression would be equal upon
all articles, or pretty nearly so. Mr. M. appears
to have had floating in his mind some vague
idea of the possibility of such an objection be-
ing urged, for he says " the differences of de-
pression can be accounted for from circum-
stances applicable to each branch of manufacture,
but it can no more be explained how depression
should increase upon every article every year,
than it can be explained how a great and sudden
depression should have begun in the year 1811,
otherwise than in a defalcation in the supply of
gold and silver from the mines." We might
urge against Mr. MUNDELL that the de-
pression began before
1811,
before the sup-
ply from the mines fell
off, and when
the Bank was making large issues of pa-
Per ; but what we contend for is, that even
taking his own statement he does not succeed in
showing that a diminution of three-fourths of
the previous annual supply from America is
sufficient to produce the effect he ascribes to it;
whilst there is no article, for the depreciation of
which causes may not be assigned sufficient
almost of themselves to produce that effect, with-
out at all taking into account that which Mr.
AL says is the only cause. We will instance
two articles, the state of which will refute Mr.
both affirmatively and negatively. Our cotton
anufactures have been depreciated to an enormous
extent, but the fall in the price of the raw mate-
and the improvements in machinery, will
lllii.eap,r.ly account for the whole of the difference
een their present price and their price in

1810. On the other hand, umbrellas and para-
sols, as stated by Mr. 'MUNDELL himself, have
the same official and declared value, which may
be accounted for from the fact of machinery
entering less into their manufacture than into
that of cotton. Indeed we do not suppose Mr.
MUNDELL will deny that we di) export articles,
the declared value of which is greater than their
official value. He is evidently very much at a
loss for an article which will show the amount
of depression arising from the defalcation in the
South American mines, independently of the
depression arising from other causes, and un-
luckily for him he pitched upon the article of
tin as bearing out his argument. What he says
is this :—" The Cornwall mines are worked now
exactly as they were in 1814. Tin is got no
where else in Europe ; and at present from no
other than the Cornwall and Banca mines. We
have, therefore, in some measure, a monopoly of
the article, and are able to suit the supply to the
demand, the increase of which, as it should seem,
should be to increase the price. Yet the quan-
tity exported has increased yearly since 1814,
until the last three years that it has fallen off.
The finance accounts do not enable me to state
how much depression fell upon the tin in common
with other articles of export in 1811 ; but since
1814, the depression amounts to upwards of
50 per cent., which, as it appears to me, can be
ascribed only to the defalcation in the supply of
gold and silver from the mines, increased by the
consequences attending the return to cash pay-
ments in 1819, and the putting down of the
small notes in 1826." It is no wonder that the
finance accounts do not enable our industrious
friend to state the amount of depression upon
tin in 1811, for it so happens that there was
no depression, that the price continued pretty
firm in 1812 and 1813, and actually rose in
1814. It is true that it afterwards falls to his
heart's content ; not in consequence of the de-
falcation in the supplies of gold and silver, but
in consequence of the produce of the Cornish
mines being, by improved and cheapened ma-
chinery, gradually raised from 2,300 tons to
4,000 and odd tons, and to the Banca mines
having produced within two or three years of
their having come into our possession 2,000 tons
and upwards, or half the present produce of our
own mines. The quantity of tin produced then
having been at least trippled, and the cost of
producing it having been considerably reduced
by improved machinery, may sufficiently account
for its being depressed 50 per cent. without
having recourse to Mr. MUNDELL'S universal
cause.

Having, we think, shown that the falling-off
in the supply of the precious metals does not
deserve to have so much weight attached to it
as Mr. MUNDELL imagines we are willing to
admit that it is one among many causes of the
condition to which our industry is undeniably
reduced. Mr. MUNDELL proceeds to contend
that it was from neglect of the Bank in taking
notice of the falling-off in the supply of gold
and silver, with some other causes, which
brought about the panics of 1815 and 1816, and
1825 and 1826. For the reasons we have
already stated, we cannot think the Bank so
blameable in this particular as Mr. MUNDELL
would have us imagine ; but we quite agree with
him that the monopoly of the Bank, and the
exclusive privileges it enjoys, are the causes of
the insecurity of other banks, of their frequent
failure, and the consequent ruin they occasion.
As he truly observes, in Scotland " the most
perfect security has been the consequence of the
most perfect freedom." Experience has as much
proved that there a sound system of banking
prevails, as it has that in England we are
afflicted with a vicious system. That the Bank
Charter cannot be renewed upon its present
terms, appears to be universally admitted ; but
we refrain from saying what we think the terms
of the renewal ought to be, till we have had an
opportunity of examining the evidence which
has been taken before the Secret Committee of
the House of Commons.

The following are extracts from Dutch and
Brussels Papers received this morning :

THE HAGUE, AuG. 2G.—His Majesty the King has
returned to this place from the Loo. His Majesty's birth-
day was celebrated on the 24th by the troops in camp at
Ryen, with every manifestation of attachment to our re-
vered Sovereign.
The troops in the camp are very healthy ; and, in case
the cholera should unfortunately appear there, a woode❑
building, containing every requisite, has been erected, and
fitted up as an hospital.
We have now received Java papers, from the 21st of
February to the 29th of March, which, however, contain
nothing of importance.