The Sun.
London, England, 1845-11-15 00:00:00

Devon 2/. 10s.-Deeside Railway, 61. 2s. 6d.-Direct North-
ern, 21. 7s. 6d.-Dublin and Enniskillen, 5/.-Dundee and
Arbroath, 36L-Ditto, New, 171.-Dundee and Perth, 81.
55.-East of Fife, 2/. 10s.-East Coast of Scotland, 25.-
East Lothian Central, 34-Edinburgh and Bathgate, 41. ss.
-Edinburgh and Glasgow, ex Dew, 701.-Ditto, Half
Shares, 171.-Ditto, Quarters, 18L-Ditto, Ditto, New, 131.-
Edinburgh, Glasgow, and Dumbarton, 11.-Edinburgh and
Leith Atmospheric, 2/. 155.-Edinburgh and Leith Atmos-
pheric Direct, 2/. 3s. 6d.-Edinburgh, Leith, and Granton,
24/. 10s.-Ditto, Preference, 191.-Edinburgh and Northern.
4/. 2s. 6d.-Ditto, Newport, 1/. 55.-Ditto, Lochgelly, 11.
155.-Edinburgh and Peebles, ex new, 21. 10s.-Edinburgh
and Perth, 51. 55.-Edinburgh, Portobello, and Musselburgh,
21. Os. 6d.-Forth and Clyde Junction, 21. 17s. 6d..-Glas-
gow and Ayrshire, 724-Ditto, New Stock, 231.-Ditto,
Quarter Shares, 21/. 12s. 6d.-Glasgow and Belfast Union,
3/. 4s. &1.-Glasgow, Dumfries, and Carlisle, 31.-Glasgow
and Dundee Junction, 2/. 10s. 6d-Glasgow and Garnkirk,
451.-Glasgow and Greenock, 22/. 10s.-Ditto, New, 101. 15s.
-Ditto, Preference, 2/. 55.-Glasgow Harbour Mineral, 3/.
ls.-Glasgow, Strathaven, and Lesmahagow, 4/. 10s.-Gran-
ton Junction, 2/. 3s. 61-Great County Down, 31.-Great
North of Scotland, 3/. 10s.-Great North and South Wales,
155.-Inverness and Elgin, 21.-Lanark and Lothians, 3/.
12s. 6d.-Larne and Ballymena, 2!. 25.-London and Houn-
slow. 24-London and Manchester (Rem.), 31. 58.-Lon-
don and Manchester (Itastrick), 51. 10s.-London and Wind-
sor, 11.-London and York, 51.-Midland and Eastern
Counties, '2l. 17s. 6d.-Morayshire, 11.-Newry and Lon-
donderry, 2/. 10s.-North British, ex new, 221-Ditto,
Halves, ex new, 51-Ditto, Fifths, 5!. 10s.-Ditto, Car -
9 lisles 2/. 17s. 6d.-North Wales Mineral, New, 5/. 10s.-
Pertll and Crieff, 2/. 10s.-Perth and Inverness. 2/. 9s -
Scottish Central, 15/. 10s.-Scottish Central and Caledonian
Junction, 2/. 155.-Scottish Midland, 41. 10s.-Scottish North
Western, 2'. 14a.-Scottish South Midland, 2/. 9s. 6d.-
Scottish Western, 2/. 125.-Shrewsbury and Hereford, IL 7s.
-Shrewsbury, Oswestry, and Chester, 61.-South Midland,
61. 155.-Stiriing and Dunfermline, 2/. 1 ls.-Stirling an-1
Midland, 30s. p.-Strathern Junction, 3/.105.-Surrey Grand
Junction, 1/. 2s. 6d.-Tears and Dove Valley, 2/.-Tyne
Valley, 31.-Wishaw and Coltness, 57/.
DUBLIN, Nov. 12.
&vet( EXCHANGE.-The sales are=Belfast and Bally-
mena, 6%-Cork and Youghal, 13A -Dublin and Drogheda,
81-Great Southern and Western, 201/A.-Great Southern,
Clonmel to Thurles, 2-Midland Great Western, Extension
to Sligo, 2-Irish Great Western, Dublin to Galway, 334-
Irish North Midland, %-Killarney Junctions, 1 %-Water -
lord and Limerick, 71,ti --Waterford and Kilkenny, 3-Ditto,
Extension to Carlow, %-Waterford, Wexford, and Dublin,
1%-Wexford, Waterford, and Valentin, 1 4.

MONEY MARKET and CITY NEWS.
CITY, THURSDAY EVENING.

POST.—The proceedings of the Bank Directors, at the
weekly meeting held by them to-day, were of a purely passive
character, so far as the rate of discount demanded by the Cor-
poration was concerned. The minimum of 3 per cent. re-
solved upon this day week was left undisturbed. As a con-
firmation of the fact noticed by us yesterday, that another
advance was apprehended by many persons, we may now
state that, immediately on its becoming known that no
further action on the circulation of the country would be
taken for the present, a considerable improvement was
realised in the value of the Government securities. Consols
were sold at the price of 964, nor would they, perhaps, have
stopped at that limit, were it not for the inducement which
the position of the Oregon affair is thought by the Bear party
to present for the profitable sale of stock. As it was,
the highest quotation of the day was not fully supported.
TIMES.—The Committee of Spanish American Bond-
holders have sent the following communication, received by
them, on the subject of the settlement of the Ecuador por-
tion of the Colombian debt:—

" 17, Pall-mall, Nov. 4, 1845.
" Sir,—l hive the honour to acknowledge the receipt of
your note of the 25th ult., inquiring whether 1 have been
instructed by the Government of Ecuador to make any fur-
ther proposals for the arrangement of the proportion of the
Colombian loans attaching to that State.
" In reply, I beg to inclose herewith a proposal for ar-
rangement such as my instructions warrant me to make, and
I shall avail myself of the occasion to offer a few remarks
thereupon.
" The annual revenue of Ecuador is insufficient, and has
been so for some years, to cover the ordinary expenses of
Government, for which reason the public servants receive but
half their salaries.

" This condition must remain stationary so long as an in—
dustrious population be wanting; for although the number of
inhabitants in Ecuador is nearly equal to that of Venezuela,
a great proportion of the populatioe is composed of Indians,
non•consumers, whose principle aliment is ground corn, and
whose clothing consists of a coarse rug.

" For the punctual payment of the—l
per cent. per annum
on the Active Debt, the Government, through the Legislative
Chambers, will provide the sum required by a tax on the ex-
portation of cocoa from the province of Guayaquil. I can
positively assert that this payment will be efficiently secured.
To offer anything more would be to hold out expectations
which could not be realized, and this the Government is
most anxious to avoid.

" I feel well assured from my personal knowledge of the
capabilities of the country, that an industrious emigration
would in a few years not only enrich themselves, but also
enable the Government to pay with ease the engagoments
contained in the present proposal. There is no climate on
earth better suited for Europeans than that of Ecuador.

" Should the bondholders be disposed to form a coloniza-
tion company, lam ready to furnish them with every par-
ticular necessary with regard to the lands. I shall mention
here that every species of protection will be guaranteed to
the colonists, whose implements and articles of whatever
denomination, imported for objects of agriculture, together
with merchandise for their own consumption, will be ad-
mitted free of customs' duties for ten years. . .

"The lands will be sold to the holders of bonds at the rate
of 10s. per acre on the coast and rivers, and 6s. per acre in
the interior.—l have the honour, &c.,

" R. WRIGHT."
G. R. Robinson, Esq., Chairman of the Committee of South

American Bondholders."

" 1. The Republic of Ecuador i ecognises 21 4 per cent. of
the loans contracted for Colombia in the years 1822 and 1824,
and will issue bonds for the amount.

2. Separate bonds will be issued at par to an amount
equal to the capital of the Active Debt, for interest, &c.
"3. Ecuador offers, as an arrangement with the bond-
holders, to pay 1 per cent. interest annually for the future on
the Active Debt ; this payment to commence the 30th of
June, 1847.
" 4. Ecuador cannot offer any increase of interest in cash
payments.
"5. The amount of capitalised interest due according to
the 2d article will be payable in lands and all public pro-
perty allotted to this object. No interest can be offered now
on this portion of the debt.
"6. Ecuador, desirous of proving its willingness to fulfil
its engagemeots, and to avoid offering anything but that
which could be punctually performed, proposes—
" 7. That the bondholders should form, or promote the
formation of, a company of colonization. Should such com-
pany be formed, the Government of Ecuador binds itself to
pay an additional 1 per cent. per annum on the Active Debt
for every 5,000 colonists sent to the country by such com-
pany, until the interest arrive at 6 per cent.
"8. The holders of bonds of the capitalized interest due
as mentioned in article 2, alter lands shall have been pm,
chased sufficient for 25,000 colonists, will be entitled to one-
half per cent. per annum on the remainder, this payment to
commence two years after that number of colonists shall have
been sent to Ecuador, and to increase one-half per cent. per
annum every four years following, until it arrives at 3 per
cent., the maximum of interest which can be allowed on these
bones.

"17, Pall-mall, Nov. 4, 1845. "R.. WRIGHT."
Messrs. Baring, Brothers, and Co., give their authority
for stating, in reference to the assertion in a letter published
in the Times of this morning, signed " One Well Acquainted
with the River Plate," that Governor Roses bad only con-
sented to send 3001. towards the payment of the interest on the
foreign debt of Buenos Ayress ; that they are now in posies-
sion of above 15,0001., remitted since May, 1844, for account
of the Buenos Ayres Bondholder ; that in the month of May,
1844, the satisfaction of the claims of the French on the
Buenos Ayres Government was completed ; and, in conse-
quence of the representations of M. de Falconnet, who had
been specially sent by Messrs. Baring, Brothers, and Co., to
negotiate with the Government on behalf of the foreign cre-
ditors, the monthly payment of 5,000 dollars, which had pre-
viously been applied to the liquidation of the French claims,
was transferred by Governor Rosas (as the only surplus then
at his command), which transfer was subsequently approved
by the Legislature, to a fuud for the benefit of the foreign
bondholders ; and that this monthly payment has been re-
gularly made up to August last. The September payment,
according to the latest accounts, was about to be remitted.
The annexed letter, describing a case undoutedly belong-
ing to a large class, is entitled to insertion as a better lesson
than any general warning could give on the consequence of
heedlessly embarking in railway projects. We purposely
omit the name of the company adverted to :
" About six weeks ago I received a letter of allotment in
the
posit, amounting to 105/. Some days after, I was conversing
with one of the directors of this company, when I questioned
him as to whether the whole of the deposits were paid up, or
not. Yes,' he replied, 'the deposits upon those shares alloted
to the public (about one-third of the whole) have all been paid,
but we (the directors) do not now intend to take up, or pay
upon, a single share." Why not?' What's the use,' he said;
the shares are at a discount, and we shall get nothing by so
doing.' And what is to be done with tho money already paid
up ?"Why, pay the whole (and something more) expenses out of
it, and return the remainder.' Now, it does appear to me mon-
strous thatthe exorbitant sums paidto engineers and lawyers,
for advertising, and fiftyother things, should devolve solely upon
a mere handful of out-door scripholders. I have since un-
derstood that not a yard of the ground has been surveyed,
neither was it ever their intention for it to be, nor yet to
bring the scheme before Parliament. This being a bubble
to all intents and purposes, the sooner the deposits are re-
turned the better. To delay doing so from time to time, and
incurring additional expenses unnecessarily, is absolutely
dishonest."
It has long been distinctly foreseen in London, that the
provincial stock-markets in Liverpool, Manchester, Leeds,
Bristol, and other places, must prove a source of consider •
able embarrassment at some time or other to this market, and
that prediction is now in a course of fulfilment. A Stock
Exchange, such as that-now existing in the City maybe pro-
nounced a necessary appendage to a great commercial
metropolis, and it has constantly been of great use even to
the mere mercantile interest, in facilitating the instant con-
version to any amount of public securities into money, and
producing public securities, on the other hand, for the invest-
ment of money; while to bankers and capitalists the access
to the jobbers who belong to it has been of a still more im-
portant character. But the London Stock Exchange, while
it facilitated real: business, has also promoted gambling,
and so far has become a great, though not an unmixed evil.
In the great provincial towns these marts for trafficking in
stocks and shares were not at all called for, as real business
could be transacted through any local banker with little
delay, and on as good terms as in London. Hence they
soon degenerated into mere gambling, and were principally
instrumental in fomenting all over the country the fatal
passion for speculating in railways. The evil has thus
spread to a far greater extent than it could otherwise
have done. When prices continued to raise in London,
all went well with them ; but the late reverses have to-
tally paralysed them, and proved them to be destitute of
all real resources This some of the London brokers have
foand to their cost ; for„ having undertaken to do
business in time-bargains for their provincial brethren, who
found themselves " hard up" in their own localities, they
were, as might be anticipated, left in the lurch. There
should be a general agreement among the respectable classes
in the principal towns either to put down this nuisance,
which is enough to corrupt all the morals of the people, or
else to make it subject to such strict regulations as will
wholly deprive it of its gambling or dangerous character.
The head of the Passport-office at Ostend has announced
that in future persons entering Belgium either by that route
or Antwerp, will not be required to produce passports. This
remission, though a partial one, of the odious condition
hitherto imposed on the Continent upon all travellers, will
be received with general satisfaction, especially as it is un-
derstood to have arisen from the difficulty of keeping up the
old regulations now that travelling by railway has come so
much into use, and that hence a further relaxation of it
may be soon looked for.